Pomerantz Grossman Hufford Dahlstrom & Gross LLP Announces Pendency And Proposed Settlement Of Class Action Against Advanced Battery Technologies, Inc. ("ABAT") And Settlement Hearing

NEW YORK, Dec. 19, 2013 /PRNewswire/ -- Lead Counsel for Plaintiffs has announced, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that a hearing in In re Advanced Battery Technologies, Inc. Securities Litigation, Consolidated Civil Action No. 11 Civ. 2279(CM) will be held on February 21, 2014, at 9:30 a.m., before the Honorable Colleen McMahon, United States District Judge, at the courthouse for the United States District Court, Southern District of New York, Courtroom 14C, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, New York 10007, for the purpose of determining, among other things: (1) whether the proposed Settlement of the Settlement Class's claims against the ABAT Defendants for $275,000.00 should be approved as fair, reasonable and adequate; (2) whether the Plan of Allocation is fair and reasonable and should be approved; (3) whether the application by Lead Counsel for an award reimbursing them for a portion of their expenses should be approved; (4) whether the Lead Plaintiff should be granted a compensatory award; and (5) whether the Litigation should be dismissed with prejudice against the ABAT Defendants as set forth in the Settlement Stipulation filed with the Court.

THE PROPOSED SETTLEMENT CLASS WILL CONSIST OF ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED ABAT COMMON STOCK (STOCK SYMBOLS: ABAT AND GBT) BETWEEN MAY 15, 2007, AND MARCH 29, 2011, INCLUSIVE. Excluded from the Settlement Class are the ABAT Defendants and Auditor Defendants, all current and former directors and officers of ABAT during the Settlement Class Period, and any family member, trust, company, entity or affiliate controlled or owned by any of the excluded persons or entities referenced above.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.

If you are a member of the Settlement Class and wish to share in the Settlement money, you must submit a Proof of Claim and Release form no later than March 22, 2014 establishing that you are entitled to recovery. As further described in the Notice of Pendency and Proposed Settlement of Class Action ("Long Notice"), you will be bound by any judgment entered in the Litigation, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Settlement Class, in accordance with the procedures set forth in the Long Notice, by no later than January 31, 2014. Any objections to the Settlement, Plan of Allocation, or attorney's expenses must be filed and served, in accordance with the procedures set forth in the Long Notice, no later than January 31, 2014. The Long Notice is available by: (1) visiting http://www.berdonclaims.com/; or (2) contacting the Claims Administrator by phone at: 800-766-3330, by fax at: 516-931-0810, or by mail at: Advanced Battery Technologies, Inc. Securities Litigation, c/o Berdon Claims Administration LLC, P.O. Box 9014, Jericho, NY 11753-8914.

Inquiries, other than requests for the Long Notice or Proof of Claim and Release form, may be made to Lead Counsel for the Settlement Class at: Pomerantz Grossman Hufford Dahlstrom & Gross LLP, Murielle J. Steven Walsh, Esq., 600 Third Avenue, New York, NY 10016, Telephone: 212-661-1100; Toll-free: 888-476-6529.

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE CLERK'S OFFICE, THE ABAT DEFENDANTS, OR ABAT DEFENDANTS' COUNSEL.

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK.

CONTACT:    Murielle J. Steven Walsh
                    Pomerantz Grossman Hufford Dahlstrom & Gross LLP
                    212-661-1100
                    [email protected]

SOURCE Berdon Claims Administration LLC