After a couple of impressive losses over the past week, Ener1, Inc. (NASDAQ:HEV) got the up move again. Yesterday, the 
stock soared 27.37%, while trading over 5 million shares on the market. Though, the reason for the sudden price jump is still unknown. Especially when considering the latest news about Ener1.
In fact, the company has not released any official announcements on its business lately, apart from the documents filed with the SEC these days. According to one of these, on Oct 19 Ener1 has received a Staff Determination Letter from NASDAQ indicating that the company did not comply with its filing requirements. The letter was in connection with the company’s failure to file its Form 10-Q for the period ended June 30, 2011 on a timely basis.
The Notice concluded that, unless Ener1 requests an appeal of the determination, trading of the company’s common stock will be suspended at the opening of business on October 28, 2011, and a Form 25-NSE will be filed with the SEC to remove the company’s common stock from listing and registration on NASDAQ.
Despite NASDAQ’s warning, Ener1 has elected not to file an appeal of the Notice with the NASDAQ Hearings Panel. However, the bad news was not over yet. A while after the Notice was received Melissa Debes, the company’s CFO and CAO resigned from her positions in Ener1 and nobody was appointed to replace her.[BANNER]
As s result, currently Ener1 is listed as a pink sheet company and its future looks pretty dull. Moreover when having in mind the last press release about the company, stating that Glancy Binkow & Goldberg LLP announced Lead Plaintiff deadline in the securities fraud class action lawsuit against Ener1.
As a result of the fraud, the financial statements of HEVV turned out to be materially false and misleading at all relevant times. Subsequently, Ener1 disclosed that the company’s results 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 more it follows, the worse it appears to be. At the same time, the latest 10-Q of Ener1 is not ready yet and investors have nothing to rely on.
