BENSALEM, Pa., Oct. 4, 2013 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all purchasers of the securities of ECOtality, Inc. ("ECOtality" or the "Company") (Nasdaq: ECTY ) between April 16, 2013 and August 9, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the shareholder lawsuit and have until October 14, 2013 to file a motion with the Court to be appointed as lead plaintiff.
ECOtality manufactures and sells charging systems for electric vehicles (EV), including the Minit-Charger line of fast-charge systems for off-road industrial applications. In 2009, the Company received a $100 million grant from the United States Department of Energy (DOE) to manage the "EV Project" – a charging infrastructure research and EV-deployment initiative. The Complaint alleges that during the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company was facing an impending shutdown of funds from the DOE; (2) the Company was inappropriately recognizing revenue and drawing down expenses on its contract with the DOE; (3) the Company's products contained significant design and manufacturing defects; (4) the Company lacked adequate internal controls over financial reporting; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
If you are a member of the Class described above, you have certain rights, and have until October 14, 2013 to move for lead plaintiff status. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you wish to discuss this action, or if you purchased ECOtality securities prior to the Class Period and have any questions concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com .
Law Offices of Howard G. Smith Howard G. Smith, Esquire (215) 638-4847 (888) 638-4847 www.howardsmithlaw.com
