Levi & Korsinsky announces that a class action lawsuit has been
commenced in the United States District Court for the Northern District
of California on behalf of investors who purchased ECOtality, Inc.
(“ECOtality” or the “Company”) (NASDAQ:ECTY) stock between April 16,
2013 and August 9, 2013.
For more information, click here: http://zlk.9nl.com/ecotality-ecty/.
In 2009, ECOtality received a $100 million grant from the United States
Department of Energy (DOE) to manage the “EV Project,” a charging
infrastructure research and Electric Vehicle deployment initiative. The
complaint alleges that during the Class Period defendants issued false
and misleading statements and/or failed to disclose that: (1) the
Company was facing an impending shutdown of funds from the DOE; (2) the
Company was inappropriately recognizing revenue and drawing down
expenses on its contract with the DOE; (3) the Company's products
contained significant defects; (4) the Company lacked adequate internal
controls over financial reporting; and (5) as a result of the foregoing,
the Company’s statements were materially false and misleading at all
relevant times.
Shares of ECOtality have fallen from a close of $1.46 per share on
August 9, 2013, to a most recent close of $0.17 per share on August 20,
2013.
If you suffered a loss in ECOtality you have until October 15, 2013 to
request that the Court appoint you as lead plaintiff. Your ability to
share in any recovery doesn’t require that you serve as a lead
plaintiff. To obtain additional information, contact Joseph E. Levi,
Esq. either via email at jlevi@zlk.com
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/ecotality-ecty/.
Levi & Korsinsky is a national firm with offices in New York, New
Jersey, Connecticut, and Washington D.C. The firm has extensive
expertise in prosecuting securities litigation involving financial
fraud, representing investors throughout the nation in securities and
shareholder lawsuits. Attorney advertising. Prior results do not
guarantee similar outcomes.
Copyright Business Wire 2013