PRLog (Press Release)
- Oct. 9, 2013 - SAN DIEGO --
An investor, who purchased shares of Active Power, Inc. (NASDAQ:ACPW)
, filed a lawsuit in the U.S. District Court for the Western District of Texas over alleged violations of Federal Securities Laws by Active Power, Inc. in connection with certain allegedly false and misleading statements made between April 30, 2013 and September 5, 2013.If you purchased a significant amount of shares of Active Power, Inc. (NASDAQ:ACPW) between April 30, 2013 and September 5, 2013, and / or if you purchased Active Power, Inc. (NASDAQ:ACPW shares prior to April 2013 and currently hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: November 11, 2013. NASDAQ:ACPW investors should contact the Shareholders Foundation at firstname.lastname@example.org
) or call +1(858) 779 - 1554
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of Active Power, Inc. (NASDAQ:ACPW)
between, that Active Power, Inc. and certain of its officers violated the Securities Exchange Act of 1934.
On April 30, 2013, Active Power, Inc. (NASDAQ:ACPW)
reported its first quarter 2013 results. Among other things, Active Power, Inc. said that it entered into a new strategic distribution partnership agreement with Digital China Information Service Company Limited, the largest IT solutions provider in China. Doug Milner, president and CEO, at Active Power said that Active Power broadened its market reach in Asia with the addition of Digital China as one of its strategic distribution partners and that Active Power has already engaged with Digital China on large data center projects for which it anticipates field product deployments later this year.
Then on September 5, 2013, Active Power, Inc. retracted its guidance for the third quarter. Active Power, Inc. said that it will not achieve its revenue or earnings per share guidance for the third quarter ending Sept. 30, 2013, due primarily to lower than expected sales in China.
Active Power, Inc. said that the lower than expected sales in China are due to disappointing results from the company's distribution relationship in China and that Active Power, Inc. previously announced in error that a partnership agreement with Digital China Information Service Company Limited was entered into on April 30, 2013.
Active Power, Inc. said that its 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.
Shares of Active Power, Inc. declined from $3.50 per share in Sept. 5, 2103, to $2.83 per share on Sept. 6, 2013.
Those who purchased shares of Active Power, Inc. (NASDAQ:ACPW)
, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554Photo: