Milberg LLP announces that class action lawsuits were filed in the United States District Court for the District of Massachusetts on behalf of purchasers of A123 Systems, Inc. ("A123" or the "Company") (NASDAQ: AONE) common stock between February 28, 2011 and March 23, 2012, (the "Class Period").
Milberg LLP has created a website (http://www.A123lawsuit.com) that seeks to answer common questions about shareholder class actions.
The complaints allege that defendants failed to disclose manufacturing deficiencies at its Michigan factory, which produced defective prismatic cells. A123 recalled was forced to recall the products, threatening the financial viability of the Company.
On March 26, 2012, A123 disclosed that the recall and replacement would cost it $55 million over the next several quarters. In reaction to the news, A123 shares declined more than 12%.
On March 28, 2012, an analyst wrote that the Company may be unable to raise capital as a result of this charge. Shares declined an additional 13%.
If you purchased A123 shares during the Class Period you may, no later than June 1, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
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Andrei Rado, Esq.
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New York, NY 10119-0165
Phone number: (800) 320-5081