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  • ms_saeed_alsahaf ms_saeed_alsahaf Jan 18, 2012 11:31 AM Flag

    Harwood Feffer LLP Announces Class Action Lawsuit Advanced Battery Technologies, Inc.

    Harwood Feffer LLP announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Advanced Batteries Technologies, Inc. The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that; the Company’s claimed distribution relationships with certain manufacturers of electric motorcycles and scooters were false; the Company’s reported financial statements were grossly inflated by including gross profit margins which were unrealistic for similar companies in its industry; the Company paid $1.5 million to acquire a company that is non-existent; the Company paid $20 million to purchase a company, but failed to disclose the related party nature of the transaction; the Company paid $22 million to acquire another company without disclosing that it was a bailout of a related company; the Company misrepresented that it owned a Company subsidiary when it did not, or the Company failed to disclose that it entered into a related party transaction with the Company’s Chairman and CEO which resulted in the owner of that subsidiary being the Chairman and CEO, and not ABAT; the Company lacked adequate internal and financial controls; and as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.

    I know Harwood Feffer and they are a very fine law firm. They rarely lose, and they would not take on a class action such as this one unless they thought it had great merit.

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    • They would not take on a class action such as this one unless they thought it had great merit.

      Please help me understand. Who asked them to file the Class action. I did not. Am I part of it? How can I dissociate from it or other Class Action suits?

      I am just learning all this.

    • no, I only need 80 CPE every two years for the CPA..with a minimum of 20 in one of the years....also, the requirement for the CIA and CFE just piggy back to a lesser degree in regards to its CPE requirements.....of course, they all have fees that have to be paid, but only the CPA is a state license, other other two are just private organizations that you can qualify for if you have the experience, a sponsor, and of course, the money to pay the annual membership dues...:D

    • <<btw, the only defense to slander and libel is, well, ....the truth!....>>

      Sheer nonsense. NO and NO. Wake up, for you are simply full of it.

      If the defendant (one sued for "libel and slander") believed, while uttering his statements for which he/she is sued, that he was acting in
      public interests, he/she is immune from any prosecution. This has already been addressed here.

    • <<if ABAT counter sues....well, then, the lead plaintiff could be in deep doo doo...:D>>

      If the suit would be dismissed, the lead plaintiff would be responsible for the costs, but not for attorney fees, and in principle can be sued for a malicious prosecution, but in reality -- not, for in filing suit, he/she was acting "in public interest".. which is BS of course.

      Practicably, such scams, such scummy suits, are risk free to lawyers-scumbags.

    • I don't defend cottage lawsuits, but those are FACTS, that can be easily verified. Versus the ridiculous claims by pumpers that this info was "made up" by shorts, or is a "conspiracy" against the company. Everyone is lying, except ABAT. Hmmm. I may still buy in the .30 cent range.

    • yes, I believe you are correct about this point....

      very far, no indictments have been laid down against we will see how ms saeed fairs through all this in time....:D

    • ummmm....have you heard of slander and libel....hmmmmm....if proven that these allegations are false...well, I think ABAT has a pretty could case to counter sue moron.....btw, the only defense to slander and libel is, well, ....the truth! I hope your cushy lawfirm understands this.....if not, well, sux.2.b.them! LMFAO! :D

    • ms_saeed_al has been here bashing this stock right after the VVR report and it would not surprise me if he/she was part of VVR scam.
      He/she has the nerve to say pumpers may be brought to justice? Wow, after all the bashing about ABAT being a fraud and their were no factories producing any products, which has been proven otherwise.
      I think if there are going to be any people looking over their shoulders it may be you ms. and the rest of your kind.

    • >>>>>> if ABAT counter sues....well, then, the lead plaintiff could be in deep doo doo...:D

      So victims are guilty and should be sued for damages they suffered. I don't believe so.

      It reminds me of this drunk driver who is sueing his victim.

      This is some kind of crazy mindset. Even amateur stock promoters should be held responsible for pumping scams. There are very many people who were scammed at this stock at four or two dollars. They lost good money, and they were damaged by thieves who pumped this as deserving to going up to $8 or $20 dollars. This should not even be trading on pink sheets.

    • Saeed,

      Back again with another dated (from April) notice of Class Action.

      I strongly recommend you do some research on these Class Actions in this sector. These lawsuits are nothing more tha a queue of ambulance chaser who plant a flag for future possible business.

      I also suggest you take some time to read the numerous posts on this board which clearly address most of the Variant charges.

      But I know you won't check because your not the slightest bit interested in the truth.

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