NEW YORK, April 18, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who acquired Exide Technologies ("Exide" or "the Company") (Nasdaq:XIDE) stock between February 9, 2012 and April 3, 2013.
For more information, click here: http://zlk.9nl.com/exide-technologies-xide/.
The complaint alleges that during the class period defendants knew but misrepresented and/or failed to disclose that: (a) Exide was exposing residents near its Vernon, California facility to dangerously high levels of pollutants; (b) Exide knew that the Company would not be able to meet its debt repayment obligations and other pledges and promises under a $200 million revolving facility, a $675 million bond, and a $55.7 million floating rate convertible note due in September 2013; and (c) as a result, Exide knew its environmental liabilities, debt obligations and potential insolvency supported neither its positive statements to investor nor its quarterly guidance.
On March 22, 2013, the Company's recycling facility in Vernon was cited by the South Coast Air Quality Management District (AQMD) as posing a substantial cancer risk to residents of Southern California. Then, on April 3, 2013, Los Angeles City Council members held a public hearing asking the government to press charges against the Company to correct the health risk posed.
If you suffered a loss in Exide you have until June 14, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/exide-technologies-xide/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP