Glancy
Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the Northern District
of California on behalf of a class (the “Class”) comprising all
purchasers of the common stock of ECOtality,
Inc. (“ECOtality” or the “Company”) (NASDAQ:ECTY) between April 16,
2013 and August 9, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY
BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR
AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM
TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR
MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
ECOtality manufactures and sells charging systems for electric vehicles
(EV), including the Minit-Charger line of fast-charge systems for
off-road industrial applications. The Complaint alleges that during the
Class Period defendants issued false and misleading statements or failed
to disclose that: (1) certain of ECOtality’s charging systems had been
had been causing overheating, and even melting connector plugs, when
charging vehicles; (2) the Company was not achieving enough commercial
sales and installations to sustain operations in the second half of
2013; (3) the Company was not on track to meet the scheduled release of
a new Minit Charger product for industrial customers in the second half
of 2013; (4) the Company was unable to obtain the financing to meet its
short-term and long-term capital needs and would be unable to meet its
obligations to the U.S. Department of Energy’s EV Project; and (5) the
Company was liable to the U.S. Department of Labor for $855,000 for the
payment of back wages and damages.
On August 12, 2013 ECOtality issued a press release announcing that it
had hired a "restructuring" adviser to evaluate options, including new
financing, a possible sale of the Company or bankruptcy filing.
Following this news, the price of ECOtality shares dropped nearly 80%,
to $0.30 per share, from the previous day’s close of $1.46, on volume of
more than 15 million shares traded.
If you are a member of the Class described above you may move the Court
no later than October 14, 2013 to serve as lead plaintiff; however, you
must meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take no
action and remain an absent member of the Class.
If you wish to learn
more about this action or if you purchased ECOtality shares prior to
the Class Period and have any questions concerning this announcement or
your rights or interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2013