Robbins Umeda LLP Announces an Investigation of Ener1, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Ener1, Inc. (NASDAQ: HEV). Ener1, together with its subsidiaries, engages in the design, development, and manufacturing of rechargeable lithium-ion batteries and battery pack systems for energy storage in the United States and South Korea. The company was founded in 1985, and is headquartered in New York, New York.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Ener1 harmed the company and investors by issuing improper statements to the public that have damaged the company’s value and reputation. Beginning on January 10, 2011, officials at the company issued statements to investors that may have failed to reflect adverse material facts about the inability of Think Holdings AS, one of Ener1’s leading subsidiaries, to continue operating and to fulfill substantial outstanding loans obligations due to Ener1. As a result, on August 16, 2011, Ener1 issued a press release announcing the company was forced to restate its financial statements for the year ended December 31, 2010, and the quarter ended March 31, 2011. On this news, shares of Ener1 declined $0.33, or 42.1%, to close on August 16, 2011 at just $0.45 per share.
Notably, on Friday August 19, 2011, the company received a Notice of Delisting from the NASDAQ stating that Ener1 was not in compliance with its continued listing requirements because the company did not timely file its quarterly report for the quarter ended June 30, 2011. The company has until October 17, 2011, to regain compliance and in the interim has been placed on the NASDAQ’s list of non-complaint companies.
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