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Valence Technology, Inc. VLNCQ Securities Lawsuit

Company: Valence Technology, Inc.
Ticker Symbol: VLNCQ
Class Period: Aug-3-11 to Jul-12-12
Date Filed: Sep-10-12
Lead Plaintiff Deadline: Nov-9-12
Court: uthern District of New York
San Diego, CA: A securities class action lawsuit has been filed in the U.S. District Court Southern District of New York, on behalf of purchasers of Valence Technology, Inc. ("Valence" or the "Company") shares between August 3, 2011 and July 12, 2012 (the "Class Period").

The complaint alleges that during the Class Period, defendants issued material false and misleading statements regarding the Company's business and financial results. Specifically, the complaint alleges that defendants knew or recklessly disregarded the fact that Valence was headed for bankruptcy, downplayed the severity of the Company's capital position, and misled investors about the Company's business health and future prospects by evading inquiries concerning Valence's liquidity and assuring the market of the Company's available alternatives for raising capital.

Despite making positive statements, the Company did not have enough cash to meet its outstanding obligations. On July 12, 2012, Valence issued a press release disclosing to investors that the Company filed a voluntary petition for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Western District of Texas. When the true state of the Company's business health became public, Valence's shares lost approximately 92% of their 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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Valence Technology, Inc. VLNCQ Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Valence Technology, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Sep-11-12


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