Rigrodsky & Long, P.A. Appointed as Co-Lead Counsel in Class Action on Behalf of C&D Technologies, Inc. Shareholders

Rigrodsky & Long, P.A. Appointed as Co-Lead Counsel in Class Action on Behalf of C&D Technologies, Inc. Shareholders

On September 8, 2011, the Honorable Vice Chancellor Donald F. Parsons of the Delaware Court of Chancery issued an Order appointing Rigrodsky & Long, P.A. as Co-Lead Counsel in In re C&D Technologies, Inc. Shareholders Litigation, Consol. C.A. No. 6620-VCP.

This class action was commenced on behalf of the public shareholders of C&D Technologies, Inc. (“C&D” or the “Company”) against C&D and its Board of Directors (the “Board” or “Individual Defendants”) arising from the proposed acquisition of the outstanding shares of C&D common stock for $9.50 per share in cash by certain funds and accounts managed by the Company’s largest and controlling shareholder, Angelo, Gordon & Co., L.P. (“Angelo, Gordon”), in breach of the fiduciary duties that C&D’s directors owe to the Company’s shareholders (the “Proposed Transaction” or the “Proposal”).  Angelo, Gordon already beneficially own approximately 64.86% of the Company’s outstanding shares.

The members of C&D’s Board are obligated to take all steps reasonably available to maximize shareholder value in connection with any change in control.

The proposed consideration to be paid to plaintiff and the Class in the Proposed Transaction also is unfair and grossly inadequate because, among other things, the intrinsic value of C&D is materially in excess of the amount offered in the Proposal, giving due consideration to the Company’s anticipated operating results, net asset value, cash flow profitability, and established markets.