Case Information: Exide Technologies

This case covers all purchasers of the common stock of Exide Technologies (“Exide”) during the period from May 5, 2004 through May 17, 2005.
 
Izard  Nobel LLP was appointed as Co-Lead Counsel by the United States District Court for the District of New Jersey on March 24, 2006.  An Amended Complaint, filed on August 2, 2006, alleges that Defendants misrepresented Exide’s financial condition by concealing that the Company was unable to maintain the ratio of debt to equity that was required under a secured credit facility.
 
On March 13, 2007, New Jersey District Court Judge Mary Cooper denied the Defendants’ Motion to Dismiss. The Court found that the Plaintiffs' complaint met the exacting pleading standards of the Private Securities Litigation Reform Act of 1995, and "adequately pled that defendants inaccurately reported Exide's financial results and overstated the success of its bankruptcy reorganization despite their knowledge of the difficulties Exide was encountering with, among other things, its internal controls, obsolete inventory, customer service, and billing."

On April 13, 2009, the Court entered an order preliminarily approving a settlement  in the amount of $13.7 million.  The Court granted final approval of the settlement on June 23, 2009.

The deadline for Class Members to submit a Proof of Claim Form was July 22, 2009. The Claims Administrator is currently verifying all of the submitted Proofs of Claim and determining the pro rata shares of each claimant, in accordance with the formula approved by the Court.