SOURCE: Kahn Swick & Foti, LLC

April 04, 2011 00:36 ET

58 Days Left -- Kahn Swick & Foti, LLC and Partner Former Louisiana Attorney General Remind Investors With Large Financial Interests (Over $100,000) of Lead Plaintiff Deadline in Lawsuit Against Advanced Battery Technologies Inc. - (ABAT)

NEW ORLEANS, LA--(Marketwire - April 4, 2011) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that only 58 days remain to file lead plaintiff applications in a securities fraud class action lawsuit against Advanced Battery Technologies, Inc. ("Advanced Battery" or the "Company") (NASDAQ: ABAT). The lawsuit was filed in the United States District Court for the Southern District of New York on behalf of the purchasers of the common stock of Advanced Battery between March 16, 2009 and March 29, 2011 (the "Class Period"), following the Company's stunning + 40% one-day share price decline. Shares of Advanced Battery plummeted after Variant View Research ("Variant View") published a report alleging that the Company may have issued materially false statements to investors.

What You May Do

If you are an Advanced Battery shareholder 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 Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 31, 2011. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of Advanced Battery to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding Advanced Battery's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

About the Lawsuit

The lawsuit alleges violations of the Securities Exchange Act of 1934.

The complaint alleges the following throughout the Class Period: Advanced Battery misrepresented certain distribution arrangements; it acquired another company for $1.5 million despite a lack of verification of its existence; it paid $20 million to purchase another company despite the related party nature of the transaction; and Advanced Battery entered into another related party transaction wherein the Company's Chairman and CEO, and not the Company, was in fact the owner of the subsidiary.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP plc and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact Information

  • Contact:

    Kahn Swick & Foti, LLC
    Lewis Kahn, Esq.
    877-515-1850
    Cell: 504-301-7900