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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Active Power Inc


Tuesday, 17 Sep 2013 06:32pm EDT 

Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Western District of Texas on behalf of a class (the Class) comprising all purchasers of the common stock of Active Power Inc between April 30, 2013 and September 5, 2013, inclusive (the Class Period). The Complaint alleges that defendants issued materially misleading statements concerning Active Power`s business, operations and financial prospects. On April 30, 2013 the Company announced that Active Power had entered into a strategic distribution partnership agreement with Digital China Information Service Company Limited, which it described as "the largest IT solutions provider in China," and that this partnership would allow the Company to increase its revenues and profitability. Then, on September 5, 2013, the Company disclosed that the April 30, 2013 announcement was erroneous, and that actually Active Power had entered into a partnership agreement with an entity that is neither an affiliate nor a subsidiary of Digital China Information Service Company Limited. Following this news, Active Power shares declined $0.48 per share, or 13.71%, to close on September 6, 2013 at $3.02 per share, on unusually heavy trading volume. 

Company Quote

2.65
0.01 +0.38%
21 Jul 2014