SOURCE: Izard Nobel LLP

September 01, 2011 16:13 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Ener1, Inc.

WEST HARTFORD, CT--(Marketwire - Sep 1, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Ener1, Inc. ("Ener1" or the "Company") (NASDAQ: HEV) between January 11, 2011 and August 15, 2011, inclusive (the "Class Period").

The Complaint charges Ener1 and certain of its officers and directors violated the federal securities laws. In 2009 and 2010, Ener1 made separate investments in electric-vehicle manufacturer Think Global, AS and its majority owner Think Holdings, AS. The Complaint alleges that defendants failed to disclose the following: (i) Think Global lacked adequate operating capital, and the ability to raise capital, to continue operations; (ii) as a result, Ener1 failed to timely impair the value of its Think Holdings investments; (iii) as a result, the outstanding loans receivable and accounts receivable due from Think Holdings and Think Global were uncollectible; and (iv) as such, the Company's financial statements were misstated and financial results were not prepared in accordance with Generally Accepted Accounting Principles.

On August 15, 2011, Ener1 disclosed that the financial statements for the year ended December 31, 2010 and for the quarterly period ended March 31, 2011 should no longer be relied upon and should be restated. On this news, shares of Ener1 declined 42.31% on August 16, 2011.

If you are a member of the class, you may, no later than October 17, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/ener1/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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