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USA: Electric car battery start-up A123’s shares hit all-time low

Shares of battery maker A123 Systems hit an all-time low Wednesday, closing at 82 cents, down 49.7% since a March 26 disclosure that it would replace potentially defective lithium-ion batteries for electric cars.

The stock, which trades under the Nasdaq symbol AONE, has fallen 93.9% since its initial public offering Sept. 29, 2009.

The Massachusetts-based company employs about 700 at its manufacturing plants in Livonia and Romulus and a research and government solutions division in Ann Arbor.

A123 received a $249.1-million federal economic stimulus grant in 2009. The Michigan Economic Development Corp. approved $125 million in tax credits and incentives, as well as a $10-million grant in 2008.

A123 now faces a class-action lawsuit from investors who are asking how long management knew about the defective battery modules and packs before announcing the replacement effort March 26


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