Investor Hits Chinese Vehicle Co. With Class Action

Law360, New York (April 8, 2011, 5:16 PM EDT) -- An Advanced Battery Technologies Inc. shareholder on Wednesday filed a putative class action in New York claiming the Chinese manufacturer falsified financial statements and misled investors into thinking it makes electric cars when it actually produces electric bikes.

The lawsuit, lodged by James M. Burns Sr. in the U.S. District Court for the Southern District of New York, comes on the heels of a scathing report by short-seller Variant View Research, which laid out numerous claims against ABAT and said the company could not be trusted...
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