A123 Faces Suit
Investors in A123 Systems Inc. have filed a class-action lawsuit alleging that the battery maker misled them about problems at its Michigan manufacturing plant.
A123, which is based in Waltham and has operations in Westborough and Hopkinton, announced last month that it's spending about $55 million to replace products containing defective cells manufactured at the plant.
The suit was filed in U.S. District Court for Massachusetts by the Law Offices of Howard G. Smith, a Pennsylvania firm that specializes in securities fraud. No class has yet been certified in the action. Parties who bought A123 securities between Feb. 28, 2011 and March 23, 2012 may be eligible to become a lead plaintiff in the suit.
A similar suit was filed last week by Oklahoma City law firm Federman & Sherwood.
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