Company Website:
http://www.glancylaw.com
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 shareholders@glancylaw.com
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 shareholders@glancylaw.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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts:
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Casey Sadler
888-773-9224
310-201-9150
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Binkow & Goldberg LLP
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