LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces a June 1, 2012 deadline to file a motion with the court to be appointed as Lead Plaintiff in the shareholder lawsuit against A123 Systems, Inc. (“A123” or the “Company”) (NASDAQ:AONE). The lawsuit is pending in the United States District Court for the District of Massachusetts and was filed on behalf of a class (the “Class”) comprising purchasers of A123 common stock between February 28, 2011 and March 23, 2012, inclusive (the “Class Period”).
A123 designs, develops, manufactures and sells rechargeable lithium-ion batteries and energy storage systems worldwide. The Complaint alleges violation of federal securities laws by A123 and certain of its executive officers and directors. Specifically, the Complaint alleges that the defendants issued materially false and misleading statements concerning the Company’s operations and financial prospects, including 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.
No action is required at this time to be a member of the above-described Class; you may retain counsel of your choice or take no action and remain an absent Class member. However, if you purchased A123 common stock between February 28, 2011 and March 23, 2012, you have until June 1, 2012 to file a motion with the court to be appointed as Lead Plaintiff, if you meet certain legal requirements. 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 Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
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