Exide Technologies (XIDE) Shareholder Class Action Lawsuit Timeline

By on April 25, 2013

A class action complaint has been filed against Exide Technologies (NASDAQ: XIDE) on behalf of shareholders who purchased Exide common stock between February 9, 2012 and April 3, 2013.

 

Exide Technologies Events

On March 22, 2013, a government agency released a health risk evaluation of emissions from the Exide recycled lead battery smelting facility in Vernon, California.  According to the review, the facility exposed employees and residents living in the area to possibly cancerous amounts of arsenic.

On April 3, 2013, a Los Angeles City Council committee instructed the Los Angeles City Attorneys’ office to take action to necessitate Exide to attend to the pollution problems.  Shares of Exide fell approximately 50% on this news, to close at $1.37 per share on April 4, 2013.

On April 24, 2013, Exide received an order from the California Department of Toxic Substances Control (DTSC) regarding its Vernon, California plant.  The DTSC forced Exide to close the factory on the basis that the company’s underground stormwater system is not in conformity with State of California guidelines and alleges the company’s furnace emissions are not meeting applicable DTSC health risk standards.  On the following trading day, shares of Exide fell about 25% in reaction to the news.

 

Exide Class Action Lawsuit

The complaint claims Exide knew but failed to disclose to the investing public that it had been 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.

 

Exide Class Action Lawsuit Information

If you purchased shares of Exide between February 9, 2012 and April 3, 2013, you may file a motion with the court no later than June 14, 2013, and request that the court appoint you as lead plaintiff.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  To be appointed lead plaintiff, the court must decide that your claim is typical of the claims of other class members and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by your decision of whether or not to serve as a lead plaintiff.  You can recover as an absent class member without moving for lead plaintiff.  The action discussed here was not filed by Milberg.

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