SOURCE: Brower Piven, A Professional Corporation

April 11, 2012 15:15 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in A123 Systems, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 1, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 11, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the securities of A123 Systems, Inc. ("A123" or the "Company") (NASDAQ: AONE) during the period between February 28, 2011 and March 23, 2012, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in A123 Systems, Inc. securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 1, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose information regarding manufacturing flaws in its Livonia, Michigan facility during the Class Period. According to the complaint, after, on March 26, 2012, the Company disclosed that it would incur costs of over $55 million (representing approximately one quarter of the Company's projected annual revenue for 2012) in the next several quarters to replace battery modules and packs that might be defective, the value of A123 shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact