NEW YORK, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased A123 Systems, Inc. ("A123" or the "Company") (Nasdaq:AONEQ) common stock between February 28, 2011 and October 16, 2012.
For more information, click here: http://zlk.9nl.com/a123-systems/.
The complaint charges certain officers and directors of the former A123, which filed for bankruptcy in 2012, with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants failed to disclose that: (a) A123's largest customer, Fisker Automotive, Inc. ("Fisker"), was in default on production milestones in its U.S. Department of Energy ("DOE") funding agreement, threatening Fisker's DOE funding and ability to pay A123; (b) by June 2011, the DOE had cut off disbursements to Fisker; (c) by the fall of 2011, Fisker had run out of cash and was refusing to accept batteries from A123; (d) A123's investment in Fisker's preferred stock was materially impaired; (e) the carrying value of A123's long-term grant receivable was overstated; (f) the carrying value of accounts receivable due A123 from Fisker was overstated; and (g) as a result, A123 was not on track to achieve the financial results the market had been led to expect.
If you suffered a loss in A123 you have until November 26, 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/a123-systems/.
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.