Exide Execs Can't Escape Investor Suit Over Enviro Issues

Law360, Washington (August 12, 2014, 1:28 PM EDT) -- Executives of bankrupt automotive and industrial battery maker Exide Technologies Inc. can’t dismiss a putative investor class action alleging the company misled investors about its failure to comply with environmental regulations, a California federal judge ruled Monday.

While their first amended complaint had been dismissed for lack of specificity, the plaintiffs — Exide shareholders and senior noteholders — had adequately alleged in their second amended complaint that the defendants had made materially false or misleading statements regarding the company’s environmental compliance, U.S. District Judge Stephen V. Wilson said Friday, with the order made public Monday.

“These allegations support that the [company’s...

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