MINNEAPOLIS, Sept. 12, 2011 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of those who purchased Ener1, Inc. ("Ener1" or the "Company") (Nasdaq:HEV) publicly traded securities during the period January 10, 2011 through August 15, 2011 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 17, 2011. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
In 2009 and 2010, Ener1 made separate investments in electric vehicle manufacturer Think Global, AS and its majority owner Think Holdings, AS, a Norwegian limited liability company. The Complaint alleges that throughout the Class Period Defendants knew or recklessly disregarded that their public statements concerning Ener1's business, operations and prospects were materially false and misleading.
On June 22, 2011, the Company disclosed that a material charge was required under GAAP applicable to Ener1 related to the loans receivable of Think Holdings and accounts receivable of Think Global held by Ener1, based on the announcement by Think Global that, following an extended and ultimately unsuccessful search for long-term financing, it would be filing for bankruptcy proceedings in the Norwegian courts on June 22, 2011. Ener1 estimated the amount of the charge would be $35.4 million, subject to change to the extent that the Company received any recovery as a result of the liquidation of Think Global, but any recovery, to the extent it occurred, would not likely be significant.
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.
If you purchased or acquired Ener1, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
| Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) |
| Charles H. Johnson & Associates |
| 2599 Mississippi Street |
| New Brighton, MN 55112 |
| (651) 633-5685 |