Exide Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Direct...
18 Abril 2013 - 4:11PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor, LLP announce that a
federal class action lawsuit has been filed against Exide
Technologies (“Exide” or “Company”) (NasdaqGS: XIDE) and several
officers and directors for acts taken during the period of February
9, 2012 to April 3, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and
Board of Directors of Exide. If you are an affected Exide
shareholder and want to learn more about the lawsuit or join the
action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214)
706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach
Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail
at zach@powerstaylor.com. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated
certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges that defendants misrepresented
and/or failed to disclose that, among other things: (a) the Company
was polluting the environment and exposing almost 110,000 residents
near its Vernon, California battery recycling facility with
potentially fatal levels of arsenic and other pollutants; (b) the
Company knew that it would not be able to meet its debt repayment
obligations and other pledges and promises based on actual and
projected revenues and expenses; and (c) the Company knew that its
environmental liabilities, debt obligations and potential
insolvency did not support Exide’s statements to investors.
According to this complaint, when these facts were finally revealed
to the market, Exide’s shares plummeted by approximately 46%.
“The allegedly improper business practices conducted by Exide
have prompted our firms to investigate additional claims against
the Company’s officers and directors, including potential breaches
of fiduciary duties and other violations of state law. Based on our
investigation, we are prepared to pursue litigation to preserve the
company and the value of Exide stock for all shareholders,” said
shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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