ENER1, INC. (HEVV) SECURITIES LITIGATION
Gilman and Pastor, LLP announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of the purchasers of Ener1, Inc. (“Ener1” or the “Company”) (PINK:HEVV) who purchased shares between January 10, 2011 and August 15, 2011, inclusive (the “Class Period”).
If you purchased or otherwise acquired HEVV shares during the Class Period, between January 10, 2011 and August 15, 2011, and either lost money on the transaction or still hold the shares, you may contact Gilman and Pastor by no later than October 17, 2011 to discuss your rights, including as to the recovery of your losses, or to obtain additional information by email at email@example.com or by calling toll-free (888)252-0048.
The Complaint alleges that Ener1 violated federal securities laws by failing to disclose the following facts: (i) Think Global lacked adequate capital to continue operating; (ii) Think Holdings did not have the ability to raise capital to continue operations; (iii) the Company failed to timely impair the value of its Think Holdings investments; (iv) the outstanding loan receivable and accounts receivable due from Think Holdings and Think Global were uncollectible; (v) the Company’s financial statements were misstated; (vi) the Company’s financial results were not prepared in accordance with GAAP; (vii) the Company lacked adequate internal and financial controls; and (viii) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
As a result of the Company’s misleading statements, shares of HEV traded at artificially high price levels. However, on August 16, 2011, after Ener1 disclosed that the Audit Committee of the Board of Directors determined that the Company’s financial statements for the year should no longer be relief upon and should be restated, shares of HEV declined $0.33 per share, or 42.31%, to close on August 16, 2011, at $0.45 per share, on unusually heavy volume.
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