Ener1, Inc. Investor Lawsuit Deadline on October 17

Oct. 5, 2011 - PRLog -- A deadline is coming up on October 17, 2011 in the lawsuit filed for investor of Ener1, Inc. .

Investors with a substantial investment in NASDAQ-HEV shares within the purchase time frame between January 10, 2011 and August 15, 2011, should get active before the Deadline that is coming up on October 17, 2011.

If you purchased Ener1, Inc.  common stock between January 10, 2011 and August 15, 2011, you have certain options and there are strict and short deadlines running. Deadline: October 17, 2011. Those stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint filed in the United States District Court for the Southern District of New York the plaintiff alleges that Ener1, Inc. and certain of its executive officers and/or directors violated federal securities laws by issuing allegedly false and/or misleading statements and/or failed to disclose certain material facts. In 2009 and 2010, Ener1 made separate investments in electric-vehicle manufacturer Think Global, AS and its majority owner Think Holdings, AS.

On May 11, 2011, Ener1 reported its first quarter 2011 results. Ener1 Inc reported a first-quarter loss of 84.7 million, or $0.51 a share, “due primarily to an impairment charge” of $59.4 million related to the write-down of its investment in Think Holdings and the majority owner of Think Global, AS.

The average estimate of analysts was for a loss of 7 cents a share in the March quarter.  

On June 22, 2011, Ener1, Inc disclosed that a material charge was required under GAAP applicable to Ener1 Inc 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 Ener1, Inc 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.

Then on August 15, 2011, Ener1 Inc disclosed that its 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.

HEV shares fell from over $4 per share in January 2011 to as low as $0.35 in August 2011 and continued to decline to as low as $0.09 on Sept 29, 2011.

Those who purchased shares of Ener1, Inc. (Public, NASDAQ- HEV) January 10, 2011 and August 15, 2011, have certain options and there are strict and short deadlines running. Deadline: October 17, 2011. NASDAQ- HEV stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.