Exide Investors Seek Class Cert. In Enviro Issues Suit
Law360, Los Angeles (March 31, 2015, 5:55 PM EDT) -- Shareholders of bankrupt automotive and industrial battery maker Exide Technologies Inc. on Monday urged a California federal judge to certify their investor class action, arguing that the putative class suffered a common injury when Exide executives hid the company’s failure to comply with environmental regulations.
The plaintiffs, which includes both shareholders and senior note holders, allege that Exide and a group of 10 Exide executives and board members knew that the company’s Vernon, California, facility was leaking toxins and concealed this fact in public statements and financial filings, leading investors to buy shares at inflated prices.
In a memorandum in support...
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