Exide Technologies: Securities class action lawsuit
NEW ORLEANS, LA - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 14, 2013 to file lead plaintiff applications in a securities class action lawsuit against Exide Technologies (NASDAQ: XIDE), if they purchased the Company's securities during the period between February 9, 2012 and April 3, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased shares of Exide and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Partner, Melinda Nicholson at firstname.lastname@example.org or toll free at 1-877-515-1850. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 14, 2013.
About the Lawsuit
Exide and certain of its executives are charged with issuing materially false and misleading statements, as well as failing to disclose material adverse facts about the Company's business, operations, and prospects, during the Class Period, in violation of federal securities laws.
These false statements and omissions included, in part, the following: (a) Exide was exposing residents near its Vernon, California, facility to dangerously high levels of arsenic and other pollutants; (b) Exide knew that the Company would not be able to meet its debt repayment obligations and other pledges and promises under a $200 million revolving facility, a $675 million bond, and a $55.7 million floating rate convertible note; and (c) as a result, Exide knew its environmental liabilities, debt obligations and potential insolvency supported neither Exide's statements to investors nor its quarterly guidance.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
206 Covington St.
Madisonville, LA 70447