STEVENSON, Md., April 16, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Exide Technologies ("Exide" or the "Company") (Nasdaq:XIDE) common stock during the period between February 9, 2012 and April 3, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Exide Technologies common stock purchased on or after February 9, 2012, and held through April 3, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 14, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that Exide was polluting the environment with potentially fatal levels of arsenic and exposing nearly 110,000 residents near its Vernon, California battery recycling facility to dangerously high levels of pollutants, that Exide knew that based on actual and projected revenues and expenses the Company would be unable to meet its debt repayment obligations and other pledges under its debt agreements and indentures, and that the Company knew that its environmental liabilities, debt obligations and potential insolvency did not support its statements to investors concerning the Company's financials and quarterly guidance, or the inflated share price targets being modeled by the investment community. According to the complaint, following an April 4, 2013 report by Debtwire.com that Exide had hired financial advisory firm Lazard Ltd. and the law firm Akin Gump Strauss Hauer & Feld LLP, both bankruptcy experts, to advise on its financial restructuring after prior restructuring efforts stalled, the value of Exide shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation