SOURCE: Saxena White P.A.

Saxena White P.A.

August 26, 2011 23:50 ET

Saxena White P.A. Files Securities Fraud Class Action Against Ener1, Inc.

BOCA RATON, FL--(Marketwire - Aug 26, 2011) - Saxena White P.A. has filed a class action lawsuit against Ener1, Inc. ("Ener1" or the "Company") (NASDAQ: HEV) and certain of its officers. The securities class action in the United States Southern District Court of New York is on behalf of a class consisting of all persons or entities who purchased Ener1 securities between January 10, 2011 and August 15, 2011, inclusive (the "Class Period").

On August 15, 2011, Ener1 disclosed that the Company's 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. The determination was made following an assessment of certain accounting matters related to the loans receivable owed to Ener1 by Think Holdings and accounts receivable owed to Ener1 by Think Global held by the Company, and the timing of the recognition of the impairment charge related to the Company's investment in Think Holdings originally recorded during the quarter ended March 31, 2011.

On this news, shares of Ener1 declined 42.31% on August 16, 2011.

You may obtain a copy of the complaint and join the class action at If you purchased Ener1 stock between January 10, 2011 and August 15, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.

If you purchased Ener1 shares during the Class Period and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than October 17, 2011. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., which has offices in Boca Raton, Boston and Montana, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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