DALLAS--(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.
