NEW YORK, May 4, 2013 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, is
investigating potential securities fraud at Exide Technologies
("Exide" or the "Company") (NASDAQ: XIDE).
(Logo:
http://photos.prnewswire.com/prnh/20120119/MM38856LOGO)
The investigation focuses on whether the Company and its
executives violated federal securities laws by failing to disclose
that: (1) Exide was polluting the environment with potentially
fatal levels of arsenic, and exposing almost 110,000 residents near
its Vernon, California battery
recycling facility to dangerously high levels of pollutants; and
(2) based on actual and projected revenues and expenses it would
not be able to meet its debt repayment obligations and other
pledges and promises under its debt agreements and indentures.
On March 22, 2013, one of Exide's
recycling facilities in Vernon,
California, located approximately four miles due south of
downtown Los Angeles, was cited by
the South Coast Air Quality Management District (the "Agency") as
posing a greater cancer risk to residents of Southern California than any of the more than
450 facilities the Agency had regulated over the past 25 years.
Following the Agency's citation, on April
3, 2013, Los Angeles City Council members held a public
hearing asking the government to press charges against the Company
to correct the health risk posed by the Company's environmental
contamination.
On April 4, 2013, news source
Debtwire.com published a report that Exide had hired financial
advisory firm Lazard and the law firm of Akin Gump LLP, both
bankruptcy experts, to advise on its financial restructuring after
prior restructuring efforts stalled. On this news, Exide's shares
fell $1.24 per share, approximately
46%, on April 4, 2013, before trading
in the stock was halted.
Request more information now by clicking here:
www.faruqilaw.com/XIDE. There is no cost or obligation to
you.
Take Action
If you invested in Exide stock or options between February 9, 2012 and April
3, 2013 and would like to discuss your legal rights, visit
www.faruqilaw.com/XIDE. You can also contact us by calling
Richard Gonnello or Francis McConville toll free at 877-247-4292 or
at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com
or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding Exide's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
We welcome the opportunity to discuss your particular case.
All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP