NEW YORK, May 3, 2011 (GLOBE NEWSWIRE) -- Shareholders of Advanced Battery Technologies, Inc. ("Advanced Battery" or the "Company") (Nasdaq:ABAT) are reminded that class action lawsuits were filed on behalf of those who purchased common stock between November 24, 2008, through March 30, 2011.
The complaints allege that Advanced Battery misrepresented certain of its distribution arrangements and made material, undisclosed related party transactions. More specifically, the Company allegedly failed to disclose that the Company entered into a $20 million related party transaction with the Company's Chairman and CEO.
If you purchased Advanced Battery securities during the Class Period you may, no later than May 31, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website ( www.milberg.com ) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney:
Andrei V. Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com
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CONTACT: Milberg LLP Phone number: (800) 320-5081