NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 26, 2013 to file lead plaintiff applications in a securities class action lawsuit against A123 Systems, Inc. (Nasdaq: AONE), if they purchased the Company’s securities during the period between February 28, 2011 and October 16, 2012, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of A123 and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 26, 2013.
About the Lawsuit
A123 sold battery systems. Its largest customer was Fisker Automotive, Inc. (“Fisker”). The complaint charges certain of A123’s officers and directors with issuing a series of materially false and misleading statements about the Company’s business and prospects, violating federal securities laws.
Specifically, it alleges that A123 failed to disclose, among other things, that (i) Fisker’s ability to pay A123 was compromised; (ii) A123’s investment in Fisker’s preferred stock was materially impaired; and (iii) A123 was not on track to achieve the financial results the market had been led to expect.
As the market became aware of such problems, the price of A123’s stock declined from a Class Period high of $9.48 per share on February 28, 2011 to pennies per share.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.