ECOtality, Inc. Securities Litigation Website
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Welcome to the ECOtality, Inc. Securities Litigation Website

This website has been established to provide general information related to the proposed settlement of the ECOtality, Inc. ("ECOtality" or the "Company") Securities Litigation. The proposed settlement is subject to Court approval. The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation of Settlement dated December 22, 2014.

This is a federal securities class action that is pending before the Honorable Samuel Conti in the United States District Court for the Northern District of California. Defendant ECOtality was an electric transportation and storage technologies company.

On August 15, 2013, a complaint was filed for violations of the federal securities laws against ECOtality, H. Ravi Brar and Susie Herrmann. On August 19, 2013 and October 3, 2013, substantially similar securities class actions were also filed with the Court and on October 15, 2013, six competing movants filed motions to consolidate all of the actions for all purposes. On December 13, 2013, the Court consolidated the actions for all purposes, appointed Joseph W. Vale as Lead Plaintiff, and appointed Robbins Geller Rudman & Dowd LLP as Lead Counsel. On January 31, 2014, Lead Plaintiff filed the Consolidated Amended Complaint for Violations of the Federal Securities Laws (the “Complaint”) against Defendants.

The Complaint alleged that, before filing for bankruptcy, ECOtality designed, manufactured, tested and sold electric vehicle (“EV”) charging and energy storage systems known as Blink chargers and derived most of its revenues from the Department of Energy (“DOE”) for its participation in the DOE’s Vehicle Technologies Program. In 2009, ECOtality was awarded a grant of $100.2 million to, among other things, deploy Blink chargers and analyze EV charger usage data (“EV Project”). The Complaint claimed that the EV Project was modified in 2012 such that ECOtality was scheduled to deploy 13,200 EV chargers by September 2013 and to complete data collection and analysis by December 31, 2013.

Lead Plaintiff alleged in the Complaint that Defendants made materially false and misleading statements about the Company by purportedly falsely representing ECOtality would successfully complete the EV Project and meet the installation and data collection milestones when, in fact, the DOE allegedly had concluded ECOtality would not. Lead Plaintiff also alleged that Defendants purportedly falsely represented the Company would begin deliveries of the Minit-Charger 12, an industrial EV charger, by 3Q13 when they allegedly knew of numerous problems with the development of the Minit-Charger 12 that would prevent any sales in 2013, and that Defendants purportedly falsely represented ECOtality was successfully transitioning the Company to selling its products and services without government subsidies when they allegedly knew unsubsidized sales were substantially less than necessary to support ECOtality’s operations.

Defendants deny all of Lead Plaintiff’s allegations and further deny that they did anything wrong. Defendants also deny that Lead Plaintiff or the Class suffered damages or that the price of ECOtality common stock was artificially inflated by reasons of alleged misrepresentations, non-disclosures or otherwise. Further, Defendants deny that any false statements were made, that any Defendant acted with scienter, and that Lead Plaintiff pled any actionable purported misstatement or omission.

The Court did not decide in favor of the Lead Plaintiff or Defendants. Instead, the lawyers for both sides of the lawsuit have negotiated a settlement that they believe is in the best interests of their respective clients. The settlement allows both sides to avoid the risks and cost of lengthy and uncertain litigation and the uncertainty of a trial and appeals, and permits Class Members to be compensated without further delay. The Lead Plaintiff and his attorneys think the settlement is best for all Class Members. The Defendants have concluded that further defense of the Litigation would be protracted and expensive, and that it is desirable that the Litigation be fully and finally settled in the manner and upon the terms and conditions set forth in the Stipulation. Defendants have also taken into account the uncertainty and risks inherent in any litigation, especially in complex cases such as this Litigation.

The Settlement Fund will consist of $1,100,000 in cash plus any interest earned. Your recovery will depend on the timing of your purchases and sales of ECOtality common stock during the Class Period.  A Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s recognized claim as compared to the total recognized claims of all Class Members who submit valid Proof of Claim and Release forms (“Proof of Claim”).

The Class includes all Persons who purchased ECOtality common stock between April 16, 2013 and August 12, 2013, and were damaged thereby. Excluded from the Class are (a) all Defendants and their immediate families, (b) ECOtality’s former and current officers and directors and their immediate families, and (c) any entity in which these excluded persons have a controlling interest. Also excluded from the Class are those Persons who timely and validly request exclusion from the Class.

The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP to represent you and other Class Members.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Action (the "Notice") which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM FORM The only way to get a payment. Claim forms must be mailed or submitted online on or before June 18, 2015.
EXCLUDE YOURSELF Get no payment. Unless you exclude yourself from the Class, you will be unable to pursue any claims against the Defendants or any other Released Person related to the wrongdoing alleged in this lawsuit. Exclusions must be postmarked on or before May 19, 2015.
OBJECT You may write to the Court if you have any objection to the settlement, the request for attorneys’ fees and expenses, the requested award to Lead Plaintiff for his time and expenses in representing the Class, or the Plan of Allocation. Objections must be filed by May 19, 2015.
GO TO THE SETTLEMENT HEARING You may ask to speak in Court about the fairness of the settlement. Requests to speak must be filed with the Court on or before May 19, 2015. The Court hearing on the settlement, Plan of Allocation and Lead Counsel’s request for an award of attorneys’ fees and expenses has been rescheduled for August 28, 2015, at 10:00 a.m.
DO NOTHING Get no payment. Give up your rights.

DEADLINES

Deadline to Submit Proof of Claim: June 18, 2015
Request Exclusion from Class: May 19, 2015
File Objection: May 19, 2015
Court Hearing on Fairness of Settlement: August 28, 2015