WEST HARTFORD, CT — (Marketwire) — 07/25/11 — The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of Satcon Technology Corp. (“Satcon” or the “Company”) (NASDAQ: SATC) between March 4, 2010 and July 5, 2011, inclusive (the “Class Period”). Also included are those who purchased shares in the Secondary Offering on or around October 21, 2010.
The complaint charges Satcon and certain of its officers and directors violated the federal securities laws by issuing materially false and misleading statements regarding the Company–s business practices and financial results. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing a decrease in sales of its inverter systems; (ii) that the Company–s European market was performing below internal expectations due to changes in government incentives for solar energy; (iii) that the Company failed to properly account for its inventory; and (iv) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
If you are a member of the class, you may, no later than September 19, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800)797-5499