Ener1 Hit With Class Suit Over Failed Car Investment

Law360, New York (August 24, 2011, 3:22 PM EDT) -- An Ener1 Inc. shareholder filed a putative class action Tuesday against the lithium-ion battery manufacturer for allegedly investing heavily in a Norwegian electric car company that soon filed for bankruptcy, driving down the price of Ener1 shares.

Plaintiff Mark Beckman filed the suit on behalf of similarly situated shareholders, alleging that Ener1 made the ill-advised investment in the doomed electric car maker and then tried to cover up its effect on the company's financial condition.

“Defendants made false and/or misleading statements, as well as failed to...
To view the full article, register now.