The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of purchasers of Active Power, Inc. (NASDAQ:ACPW) securities during the period from April 30, 2013 to September 5, 2013, seeking to recover damages for violations of the federal securities laws.
To join the Active Power class action, visit the firm’s website at http://www.rosenlegal.com, or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free, at 866-767-3653; you may also email at email@example.com or firstname.lastname@example.org for information on the class action. The lawsuit is pending in the U.S. District Court for the Western District of Texas.
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. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the suit, Active Power issued materially false and misleading statements about its business. On April 30, 2013, Active Power announced that it had entered into a "[n]ew strategic distribution partnership agreement with Digital China Information Service Limited, the largest IT solutions provider in China." The Company represented that this relationship with Digital China would allow the Company to increase its revenues and profitability, adding that "[w]e have already engaged with Digital China on large data center projects for which we anticipate field product deployment later this year." On September 5, 2013, after close of trading, the Company retracted its guidance, citing disappointing results in China. The Company attributed the poor to the fact that "the company's previously announced agreement in China is with Qiyuan Network System Limited, which the company's management discovered is neither an affiliate nor a subsidiary of Digital China Information Service Company Limited." According to the Complaint, this adverse news caused the price of Active Power stock to fall, damaging investors.