CASES
Advanced Battery Technology, Inc.
Class Period: Mar 16, 2009 to Mar 29, 2011
Lead Plaintiff Deadline: May 31, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Advanced Battery Technology, Inc. (ABAT) ("Advanced" or the "Company") on behalf of all persons who purchased the common stock of Advanced from March 16, 2009, through Mar 29, 2011. This case has been filed in the USDC - New York (Southern).
The Complaint alleges that the Company made a number of misrepresentations in its public filings with the Securities Exchange Commission and in its press releases. Namely, that: (1) the Company misrepresented certain of its distribution arrangements; (2) that Advanced Battery paid $1.5 million to acquire another company that appears to be fake because its location and existence could not be verified; (3) that Advanced Battery paid $20 million to purchase a company, but failed to disclose the related party nature of the transaction; and (4) the Company misrepresented that it owned a Company subsidiary when it did not, or the Company failed to disclose that the Company entered into a related party transaction with the Company's Chairman and CEO which resulted in the owner of that subsidiary being the Chairman and CEO, and not Advanced Battery.
On March 30, 2011 an analyst firm called Variant View Research issued a detailed report revealing the adverse information to the market. When these details of the Company's financial condition came to light on March 30, 2011, the price of Advanced Battery's stock fell over 40%, damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.