Law Offices of Howard G. Smith, representing investors of Ener1, Inc., has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Ener1 between January 10, 2011 and August 15, 2011, inclusive (the “Class Period”).

Ener1 designs, develops and manufactures high-performance batteries and battery pack systems. In 2009 and 2010, Ener1 made separate investments in electric-vehicle manufacturer Think Global, AS and its majority owner Think Holdings, AS. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that, among other things: (1) Think Global lacked adequate operating capital, and the ability to raise capital, to continue operations; (2) as a result, Ener1 failed to timely impair the value of its Think Holdings investments; (3) as a result, the outstanding loans receivable and accounts receivable due from Think Holdings and Think Global were uncollectible; (4) as such, the Company’s financial statements were misstated and its financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); and (5), as a result, the Company’s financial statements were materially false and misleading at all relevant times.

On August 15, 2011, Ener1 disclosed that the Company’s financial statements for the year ended December 31, 2010 and for the quarterly period ended March 31, 2011 should no longer be relied upon and should be restated. The determination was made following an assessment of certain accounting matters related to the loans receivable owed to Ener1 by Think Holdings and accounts receivable owed to Ener1 by Think Global held by the Company, and the timing of the recognition of the impairment charge related to the Company’s investment in Think Holdings originally recorded during the quarter ended March 31, 2011.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Ener1 securities between January 10, 2011 and August 15, 2011, you have until October 17, 2011 to move for lead plaintiff status. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at 215-638-4847, Toll-Free at 888-638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com.