Valence Technology, Inc. ("Valence" or the Company) is an energy storage company that develops and manufactures lithium iron materials and battery modules and packs.

According to the law firm press release, the Complaint alleges that during the Class Period, Defendants issued material false and misleading statements regarding the Company’s business and financial results. Specifically, the Complaint alleges that Defendants knew or recklessly disregarded the fact that Valence was headed for bankruptcy, downplayed the severity of the Company’s capital position, and misled investors about the Company’s business health and future prospects by evading inquiries concerning Valence’s liquidity and assuring the market of the Company’s available alternatives for raising capital.

Despite making positive statements, the Company did not have enough cash to meet its outstanding obligations. On July 12, 2012, Valence issued a press release disclosing to investors that the Company filed a voluntary petition for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Western District of Texas. When the true state of the Company’s business health became public, Valence’s shares lost approximately 92% of their value. After closing at $0.65 per share on July 13, 2012, shares of Valence Technology common stock closed on July 16, 2012 at just $0.05 per share.

On November 16, 2012, the Court issued an Order appointing lead Plaintiff and approving the selection of lead Counsel.

On January 10, 2013, this case was transferred to the Austin Division of the Western District of Texas.

On March 25, 2013, the Plaintiffs filed a consolidated Complaint.

On November 05, 2013, the Court granted the Defendant's motion to dismiss the case with prejudice.