NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Advanced Battery Technologies, Inc. ("Advanced Battery" or the "Company") during the period from November 24, 2008 – March 30, 2011 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at firstname.lastname@example.org or 888-476-6529, ext. 237.
Advanced Battery engages in the design, manufacture, and marketing of rechargeable polymer lithium-ion batteries in the United States, Europe, and Asia. Specifically, the investigation concerns, among other things, whether the Company misrepresented certain of its distribution arrangements.
On March 28, 2011, Variant View Research published an unfavorable report about ABAT's business practices, claiming that the Company had engaged in activities such as claiming unrealistic margins, falsifying distribution relationships with certain manufacturers, issuing stock to repay a loan to the Company's Chairman, among other things. In response to this report, Advanced Battery shares fell $1.50 per share, or 43%, to close at $2.01 per share.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) email@example.com