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Investors Sue Over Failed Battery Plant in Appalachia
By: Associated Press
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PIKEVILLE, Ky. (AP) — A group of Kentucky investors has sued two executives of a battery manufacturer that suspended plans to build a $372 million facility and hire 875 workers in the heart of Appalachia.
The Lexington Herald-Leader cited court filings in reporting that that Pikeville EB Investors LLC says Enerblu executives made deliberate misrepresentations about the viability of the plant to local investors, who gave $1.2 million toward the facility.
Investors say in the lawsuit filed last month in Pikeville that Enerblu’s Executive Chairman Michael Weber and its CEO Dan Elliott should have to pay back the $1.2 million.
The lithium battery maker filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court of Nevada in June. An attorney representing the Enerblu executives declined to comment.