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Law Offices of Howard G. Smith Announces Investigation of Ener1, Inc.Bensalem, PA | Posted on August 17th, 2011
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.
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