CASES
Ener1, Inc.
Class Period: Jan 10, 2011 to Aug 15, 2011
Lead Plaintiff Deadline: Oct 17, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Enerl, Inc. ("Enerl" or the "Company") on behalf of purchasers of Enerl's securities between January 10, 2011 and August 15, 2011. This case has been filed in the United States District Court of New York (Southern).
The complaint alleges that in 2009and 2010, Enerl made separate investments in Think Holdings, AS ("Think Holdings"), a Norwegian limited liability company and the majority owner of Think Global, AS ("Think Global"), an electric vehicle ("EV") manufacturer. As of March 31, 2011, Enerl controlled approximately 48% of the outstanding voting power in Think Holdings and two individuals on the Board of Directors of Enerl also served on the Board of Directors of Think Holdings.
On May 10, 2011, the Company announced its financial results for the 2011 fiscal first quarter and reported a net loss of $84.7 million, or diluted net loss per share of $0.51 for the quarter, mostly as a result of a one-time $59.4 million impairment recorded during the quarter to write down the Company's investment in Think Holdings and a $13.9 million loss on financial instruments, which was primarily attributable to the impaired value of the investment. The impairment charge and loss on financial instruments totaled $73.3 million, or $0.44 per diluted share, for the three months ending March 31, 2011. On this news, shares of Enerl declined $0.67 per share, or 27.35%, to close on May 11, 2011, at $1.78 per share, on usually heavy volume.
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.