Federman & Sherwood Announce Summary Notice of (i) Pendency of Class Action and Proposed Settlement, (ii) Settlement Hearing, and (iii) Motion for Incentive Award, Attorneys' Fees and Reimbursement of Litigation Expenses

OKLAHOMA CITY, Feb. 22, 2013 /PRNewswire/ -- All persons and entities who purchased or acquired common stock in Ener1, Inc. during the period from November 4, 2010 through August 15, 2011, are asked to please read this notice carefully as their rights will be affected by a class action lawsuit pending in the United States District Court, Southern District of New York.

YOU ARE HEREBY NOTIFIED, 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, (i) that the above-captioned litigation (the "Action") has been certified as a class action on behalf of all persons and entities who purchased common stock in Ener1, Inc. from November 4, 2010 through August 15, 2011, inclusive (the "Class"), except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation of Settlement in the Action; and (ii) that Lead Plaintiffs in the Action have reached a proposed settlement with the Defendants for $4.2 million in cash, plus interest thereon if the Settlement is approved by the Court (the "Settlement").

A hearing will be held on May 9, 2013 at 4:30 p.m. before the Honorable Paul A. Crotty, at the United States District Court for the Southern District of New York, at the United States Courthouse, Courtroom 11D, 500 Pearl Street, New York, NY 10007, to determine (i) whether the Court should grant final certification of the Class solely for the purposes of the Settlement; (ii) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (iii) whether the Action should be dismissed with prejudice against the Defendants, and the releases specified and described in the Stipulation of Settlement should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Lead Counsel's application for attorneys' fees and reimbursement of Litigation Expenses and an Incentive Award for Lead Plaintiffs should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the full printed Notice of (I) Pendency of Class Action and Proposed Settlement, (II) Settlement Hearing, and (III) Motion for Incentive Award, Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at:  In re Ener1, Inc. Securities Litigation, c/o Heffler Claims Administration, P.O. Box 58908, Philadelphia, PA 19102, or call 1-888-963-2898.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.Ener1Settlement.com, or from Lead Counsel's website, www.federmanlaw.com.

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 29, 2013.  If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court in the Action.

If you are a Class Member and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than April 15, 2013, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Class, you will not be bound by any judgment or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's application for attorneys' fees and reimbursement of Litigation Expenses and an Incentive Award for Lead Plaintiffs, must be filed with the Court and delivered to Lead Counsel and counsel for the Defendants such that they are received no later than April 15, 2013, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice, may be made to Lead Counsel:

William B. Federman, Esq.
FEDERMAN & SHERWOOD
10205 N. Pennsylvania Avenue
Oklahoma City, Oklahoma 73120
Tel: (405) 235-1560
Facsimile: (405) 239-2112

Dated: February 22, 2013

SOURCE Federman & Sherwood