NEW YORK, May 4, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Exide Technologies ("Exide" or the "Company") (NASDAQ: XIDE).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Exide was polluting the environment with potentially fatal levels of arsenic, and exposing almost 110,000 residents near its Vernon, California battery recycling facility to dangerously high levels of pollutants; and (2) based on actual and projected revenues and expenses it would not be able to meet its debt repayment obligations and other pledges and promises under its debt agreements and indentures.
On March 22, 2013, one of Exide's recycling facilities in Vernon, California, located approximately four miles due south of downtown Los Angeles, was cited by the South Coast Air Quality Management District (the "Agency") as posing a greater cancer risk to residents of Southern California than any of the more than 450 facilities the Agency had regulated over the past 25 years.
Following the Agency's citation, on April 3, 2013, Los Angeles City Council members held a public hearing asking the government to press charges against the Company to correct the health risk posed by the Company's environmental contamination.
On April 4, 2013, news source Debtwire.com published a report that Exide had hired financial advisory firm Lazard and the law firm of Akin Gump LLP, both bankruptcy experts, to advise on its financial restructuring after prior restructuring efforts stalled. On this news, Exide's shares fell $1.24 per share, approximately 46%, on April 4, 2013, before trading in the stock was halted.
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If you invested in Exide stock or options between February 9, 2012 and April 3, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/XIDE. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Exide's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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