SOURCE: Rosen Law Firm

Rosen Law Firm

April 01, 2011 23:45 ET

The Rosen Law Firm Representing Shareholders in Class Action Lawsuit Charging Advanced Battery Technologies With Securities Fraud - (ABAT)

NEW YORK, NY--(Marketwire - April 1, 2011) - The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of investors who purchased the common stock of Advanced Battery Technologies, Inc. (NASDAQ: ABAT) during the period from March 16, 2009 through March 29, 2011 (the "Class Period"), seeking to recover investors' damages from violations of federal securities laws. 

To join the Advanced Battery class action, visit the Rosen Law Firm's website at http://rosenlegal.com, or call Laurence Rosen, Esq. or Timothy Brown, Esq. toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com, or tbrown@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the Southern District of New York.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY AN ATTORNEY UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

The Complaint alleges that the Company made a number of misrepresentations in its public filings with the Securities Exchange Commission and in its press releases. Namely, that: (1) the Company misrepresented certain of its distribution arrangements; (2) that Advanced Battery paid $1.5 million to acquire another company that appears to be fake because its location and existence could not be verified; (3) that Advanced Battery paid $20 million to purchase a company, but failed to disclose the related party nature of the transaction; and (4) the Company misrepresented that it owned a Company subsidiary when it did not, or the Company failed to disclose that the Company entered into a related party transaction with the Company's Chairman and CEO which resulted in the owner of that subsidiary being the Chairman and CEO, and not Advanced Battery.

On March 30, 2011 an analyst firm called Variant View Research issued a detailed report revealing the adverse information to the market. When these details of the Company's financial condition came to light on March 30, 2011, the price of Advanced Battery's stock fell over 40%, damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Timothy Brown, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at, or lrosen@rosenlegal.com or tbrown@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Contact Information

  • Contact Information:

    Laurence Rosen, Esq.
    Timothy Brown, Esq.
    The Rosen Law Firm P.A.
    275 Madison Avenue 34th Floor
    New York, New York 10016
    Tel: (212) 686-1060
    Weekends Tel: (917) 797-4425
    Toll Free: 1-866-767-3653
    Fax: (212) 202-3827
    Email Contact
    Email Contact
    www.rosenlegal.com