Case Page

 

Case Status:    DISMISSED    
On or around 09/08/2015 (Date of order of final judgment)

Filing Date: September 27, 2013

According to the law firm press release, A123 designed, developed, manufactured, and sold advanced rechargeable lithium-ion batteries and battery systems. Its largest customer was Fisker Automotive, Inc. (“Fisker”), which, like A123, received hundreds of millions of dollars in U.S. Department of Energy (“DOE”) funding to design and mass produce plug-in electric vehicles.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects, including failing to disclose that: (i) by February 2011, Fisker was in default on production milestones in its DOE funding agreement, threatening Fisker’s DOE funding and ability to pay A123; (ii) by June 2011, the DOE had cut off disbursements to Fisker; (iii) by the fall of 2011, Fisker had run out of cash and was refusing to accepting batteries from A123; (iv) A123’s $20.5 million investment in Fisker’s preferred stock was materially impaired; (v) the carrying value of A123’s long-term grant receivable was overstated; (vi) the carrying value of accounts receivable due A123 from Fisker was overstated; and (vii) as a result, A123 was not on track to achieve the financial results the market had been led to expect during the Class Period.

As the market learned between November 2011 and October 16, 2012 that Fisker was rejecting prior orders for batteries, that A123 was downgrading earnings guidance and taking an impairment charge on its Fisker investment, that the Company’s forecast of incurring significant net losses and negative operating cash flows had raised substantial doubt regarding the Company’s ability to continue as a going concern, and finally that A123 had filed for bankruptcy, the price of its stock declined from a Class Period high of $9.48 per share on February 28, 2011 to pennies per share.

On January 10, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on March 27.

On September 8, 2015, the Court issued an Order dismissing this case.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AONE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 13-CV-06883
JUDGE: Hon. Laura Taylor Swain
DATE FILED: 09/27/2013
CLASS PERIOD START: 02/28/2011
CLASS PERIOD END: 10/16/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-06883
JUDGE: Hon. Laura Taylor Swain
DATE FILED: 03/27/2014
CLASS PERIOD START: 02/28/2011
CLASS PERIOD END: 10/16/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date