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Valence Technology Inc (OTC: VLNCQ) Investor Securities Class Action Lawsuit 09/10/2012

  • If you purchased shares of Valence Technology Inc (OTC: VLNCQ), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Valence Technology, Inc.
Security
OTC: VLNCQ

Case Name
Valence Technology Shareholder Class Action Lawsuit 09/10/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 6, 2013 - The court granted defendants' motion to dismiss with prejudice and ordered the case closed.
April 25, 2013 - Defendants filed a motion to dismiss.

March 25, 2013 - The lead plaintiff filed an amended consolidated complaint.

January 10, 2013 - The case was transferred to the U.S. District Court for the Western District of Texas.

November 16, 2012 - Lead plaintiff and lead counsel were appointed.

November 12, 2012 - Lead plaintiff motion was filed.

September 10, 2012 - An investor in shares of Valence Technology Inc (OTC: VLNCQ) filed a lawsuit in the U.S. District Court Southern District of New York over alleged securities laws violations by certain former officers of Valence Technology Inc.

According to the complaint the plaintiff alleges on behalf of purchasers of Valence Technology Inc. (OTC: VLNCQ) shares between August 3, 2011 and July 12, 2012, that defendants issued material false and misleading statements regarding Valence Technology Inc’s business and financial results.

Specifically, the plaintiff alleges that defendants knew or recklessly disregarded the fact that Valence Technology Inc was headed for bankruptcy, downplayed the severity of its capital position, and allegedly misled investors about Valence Technology’s business health and future prospects by evading inquiries concerning its liquidity and assuring the market of its available alternatives for raising capital.
Valence Technology Inc’s Total Revenue fell from $45.88million for the 52weeks period that ended on March 31, 2011 to $44.38milion for the 52weeks period that ended on March 31, 2012 and its Net Loss increased over the respective time periods from $12.69million to $12.73million.

On February 23, 2012, Valence President and Chief Executive Officer, reportedly stated during Valence Technology’s appearance at Jefferies Global Clean Technology Conference that [m]oving forward our cash needs will not be significant.

Then on July 12, 2012, Valence Technology Inc declared bankruptcy.

Valence's shares lost substantially value. After closing at $0.65 per share on July 13, 2012, shares of Valence Technology common stock closed on July 16, 2012 at just $0.05 per share.

Shares of Valence Technology Inc trade currently under OTC: VLNCQ and closed on September 11, 2012, at $0.02 per share.