LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the securities of Altair Nanotechnologies Inc. (“Altair” or the “Company”) (OTC:ALTI) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company concerning Altair’s operations and financial performance.
Please contact Casey Sadler at (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
Altair develops, manufactures and sells nano lithium titanate batteries and energy storage systems, primarily in the United States and China. The investigation is related to allegations that the Company issued false and misleading statements or failed to disclose material information regarding the Company's business, operational and compliance policies, and internal controls over financial reporting, including that: (1) the Company was experiencing significant executive management and accounting level turnover in 2013 which led to a lack of segregation of duties throughout the Company and resulted in a lack of controls to perform a timely review of transactions at an appropriate level of precision; (2) the Company did not implement adequate procedures and controls over the 2013 year-end financial close and reporting process to ensure timely filings in compliance with its financial reporting requirements; (3) the Company did not implement adequate procedures and controls to appropriately evaluate routine and non-routine transactions; (4) the Company did not implement adequate procedures and controls to ensure accurate and timely communication with its subsidiaries in China; and (5) the Company did not implement adequate procedures and controls to ensure the completeness and accuracy of its consolidated financial statements and related subsequent events.
On September 4, 2014, the Company disclosed that on August 28, 2014, Crowe Horwath LLP -- the Company's independent registered public accounting firm -- resigned due to, among other things, the Company's material weakness relative to implementing controls and procedures to ensure accurate and timely communications between the Company's subsidiaries in China and its U.S.-based accounting team.
As a result of these disclosures, NASDAQ halted Altair shares during the trading day on September 4, 2014, at $4.30 per share. Altair shares resumed trading on September 24, 2014, and immediately fell $3.35 per share, a drop of nearly 78% from the halted price of $4.30 on September 4, 2014, to close at $0.95 per share on September 24, 2014.
If you purchased Altair securities between May 15, 2013 and September 4, 2014, if you have information, or would like to learn more, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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