BENSALEM, Pa.--(BUSINESS WIRE)--Notice is hereby given that Law Offices of Howard G. Smith, representing investors of A123 Systems, Inc. (“A123” or the “Company”) (NASDAQ:AONE), has filed a class action lawsuit on behalf of a class (the “Class”) comprising all persons or entities who purchased the securities of A123 between February 28, 2011 and March 23, 2012, inclusive (the “Class Period”). The securities fraud lawsuit filed by Law Offices of Howard G. Smith, Fike v. A123Systems, Inc., et al., Case No. 12-cv-10657-RGS, is pending in the United States District Court for the District of Massachusetts before the honorable Richard G. Stearns. Any member of the Class described above has until June 1, 2012 to file a motion with the Court to be appointed as Lead Plaintiff.
The Complaint alleges violations of federal securities laws against A123 and certain of its executive officers. Specifically, the Complaint alleges that defendants made false and misleading statements and/or failed to disclose that: (1) the Company had severe manufacturing deficiencies at its Livonia, Michigan, manufacturing facility, which produced defective prismatic cells that resulted in premature failure of battery modules and packs; (2) as a result of the defective prismatic cells, A123 would likely be required – and incur substantial costs – to recall and replace the affected modules and packs, threatening the financial viability of the Company; and (3), as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
If you purchased A123 securities during the Class Period described above, you have until June 1, 2012 to move for Lead Plaintiff status. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at 215-638-4847, Toll-Free at 888-638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com.