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Law Offices of Howard G. Smith announces that it is investigating potential claims against Ener1, Inc. ("Ener1" or the "Company") (NASDAQ:HEV) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company between January 10, 2011 and August 15, 2011 regarding Ener1's business, operations and financial condition were false and misleading.
Ener1, together with its subsidiaries, engages in the designing, developing, and manufacturing of rechargeable lithium-ion batteries and battery pack systems for energy storage in the United States and South Korea. Specifically, the investigation relates to Ener1's August 15, 2011 disclosure that the Audit Committee of the Board of Directors of Ener1, based upon a recommendation from management, determined that the Company's financial statements for the year ended December 31, 2010 and for the quarterly period ended March 31, 2011, respectively, should no longer be relied upon and should be restated. According to the Company, this determination was made following an assessment of certain accounting matters related to the loans receivable owed to the Company by Think Holdings, AS ("Think Holdings") and accounts receivable owed to the Company by Think Global, AS held by the Company and the timing of the recognition of the impairment charge related to the Company's investment in Think Holdings originally recorded during the quarter ended March 31, 2011.
If you purchased Ener1 securities between January 10, 2011 and August 15, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to , or visit our website at www.howardsmithlaw.com.
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Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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