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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
April 29, 1999
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Date of Report (Date of earliest event reported)
VALENCE TECHNOLOGY, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-20028 77-0214673
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.)
301 CONESTOGA WAY
HENDERSON, NV 89015
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(Address of principal executive offices)
(702) 558-1000
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(Registrant's telephone number, including area code)
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ITEM 5 OTHER EVENTS
Valence Technology, Inc. was sued in May 1994 in a class action lawsuit by
a class of persons who purchased its common stock between May 7, 1992 and August
10, 1994. The complaint alleged violations of the federal securities laws
against Valence and certain others, claiming that Valence issued a series of
false and misleading statements, including in filings with the Securities and
Exchange Commission, with regard to business and future prospects. The United
States District Court for the Northern District of California granted summary
judgment in favor of Valence in November 1997 on the grounds that the statute of
limitations had expired. The plaintiffs appealed the ruling to the United
States Court of Appeals for the Ninth Circuit.
On April 29, 1999, the United States Court of Appeals for the Ninth Circuit
reversed the District Court's decision with respect to the grant of summary
judgment in favor of Valence and remanded the case back to the District Court.
Although Valence continues to believe that it has meritorious defenses in this
lawsuit, if it is resolved unfavorably to Valence it could have a material
adverse effect on its financial condition and results of operations.
2.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VALENCE TECHNOLOGY, INC.
Date: May 5, 1999
By: /s/ Lev Dawson
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Lev Dawson
Chief Executive Officer and President
3.
