Ener1 Class Action Lawsuit

Ener1 (NASDAQ: HEV) is being sued for violations of US securities laws. If you are an investor in Ener1 call our law firm right now. You have very limited window in which to act.

We are looking for people who acquired stock on the IPO or between 1/10/11 and 8/15/11?

What happened to Ener1?

Ener1 a lithium ion battery company, reported large losses along with $59.4 million write-down of the Company’s bad investment in electric car market called Think Holdings. Ener1 lost $84.7 million, ending March 31, 2011, including both the 59 Million impairment charge and another $13.9 million loss.

On August 16, 2011, Ener1 announced that “it will restate its financial statements to reflect as of December 31, 2010 the impairments of its investment in Think Holdings (which had previously been recorded in the first quarter of 2011), its accounts receivable with Think Global and its loans receivable with Think Holdings. . . .”

A lawsuit filed argues that Ener1 failed to disclose that
(1) Think Global lacked adequate capital to continue operating
(2) Think Holdings did not have the ability to raise capital to continue operations
(3) that, as a result, the Company failed to timely impair the value of its Think Holdings investments
(4) that, as a result, the outstanding loan receivable and accounts receivable due from Think Holdings and Think Global were uncollectible
(5) that, as such, the Company’s financial statements were misstated and misled investors.

Our research indicates that an investor with any losses may be able to partcipate in the class action lawsuit. Call us to find out if we can help.

Kyros Law is a Boston-based law firm with significant national experience representing investors in shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.