Pending settlement for Advance Battery Technologies shareholders

A law office recently released a statement that noted shareholders of a charging system company have a pending settlement in their securities class action lawsuit.

Pomerantz Grossman Hufford Dahlstrom and Gross, LLP, noted that the class action claim against Advanced Battery Technologies, Inc., filed in the U.S. District Court for the Southern District of New York will have a hearing on Feb. 21, 2014. U.S. District Court Judge Colleen McMahon will preside over the hearing.

This process will decide if the settlement of $275,000 will be fair and enough for shareholders, as well as the plan of allocation being sufficient. The judge will also determine if the settlement should be dismissed. Other issues that will be addressed are related to the lead plaintiff is how much they should earn.

Those shareholders who are involved in the class period need to file a proof of claim, as well as a release form by March 22, 2014, in order to have an ability to collect from the settlement. All shareholders will have their rights affected by the outcome of the settlement.

The class period involves all of those shareholders who purchased company stock between May 15, 2007 and March 29, 2011. However, there are multiple exclusions that include defendants at Advanced Battery Technologies, as well as anyone currently at the company and family members.

Those who have issues with the pending settlement, or want to learn more information about it, can speak with the law firm to gain more information. This can also include requests for the necessary forms to take part in the settlement. Speaking with contact Murielle Steven Walsh by mail or telephone.

Lawsuit stemmed from SEC issues
Lawsuits against the company began in 2011, as The Rosen Law Firm was one to file a class action claim in April 2011, because of a number of issues. This was for the class period of March 16, 2009 to March 29, 2011.

The firm noted that allegations at the time were due to distribution arrangements not being honest, as it may have misrepresented that it owned a company. There also was a potential payment to a company that may not have existed.

When the allegations were revealed, the company's stock dropped approximately 40 percent. These actions caused many shareholders to lose a notable amount of money.