Key Developments: Active Power Inc (ACPW.PH)

ACPW.PH on Philadelphia Stock Exchange

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24 Feb 2015
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Latest Key Developments (Source: Significant Developments)

Active Power Inc agrees to settle previously disclosed shareholder litigation
Thursday, 2 Oct 2014 09:00am EDT 

Active Power Inc:Says it has entered memorandums of understanding to settle the previously disclosed lawsuits.The first is the class action lawsuit pending is in the U.S. District Court for the Western District of Texas captioned Don Lee v. Active Power, Inc., et. al. (Civil Action No. 1:13-cv-797-SS).And second is consolidated shareholder derivative lawsuit pending in the District Court of Travis County, Texas, filed by two separate shareholders and captioned Okumura v. Almgren, et al. (Cause No. D-1-GN-13-003230) and Shaev v. Milner, et. al. (Cause No. D-1-GN-13-003557).Says the proposed settlements would resolve for all defendants all of the issues that are pending in the class action and in the consolidated derivative action relating to Active Power's previous disclosures regarding Digital China Information Services Company Ltd and Qiyuan Network Systems Ltd.Says it determined to settle these matters to eliminate the burden, distraction and expense of further litigation.Says if completed, the class action settlement would result in a payment of $1.5 mln to the settlement class, inclusive of fees and expenses.Says the proposed consolidated derivative settlement includes, among other things, certain governance improvements.Says it the total settlement amounts and related expenses would be paid from insurance proceeds.  Full Article

Active Power Inc prices public offering of common stock
Wednesday, 26 Feb 2014 08:15am EST 

Active Power Inc:Says pricing of its underwritten public offering of an aggregate of 3,175,000 newly issued shares of common stock at a price of $3.15 per share.Expects to receive gross proceeds of $10.0 million before deducting underwriting discounts and estimated offering expenses.The underwriter has also been granted a 30-day option to purchase up to 476,250 shares of common stock to cover over-allotments, if any.Net proceeds to the company from the Offering are expected to be about $9.4 million after deduction of underwriting discounts.Subject to customary conditions, the Offering is expected to close on March 3, 2014.Expects to use the net proceeds from the Offering for working capital and other general corporate purposes.  Full Article

Active Power Inc announces proposed public offering of common stock
Tuesday, 25 Feb 2014 04:10pm EST 

Active Power Inc:Intends to offer, subject to market and other conditions, newly issued shares of its common stock in an underwritten public offering under an effective shelf registration statement on file with the Securities and Exchange Commission.The final terms of the Offering will depend on market and other conditions at the time of pricing.expects to use the net proceeds from the Offering for working capital and other general corporate purposes.Roth Capital Partners is serving as the sole manager for the Offering.  Full Article

Active Power Inc Names Jay Powers CFO And Vice President Of Finance
Monday, 18 Nov 2013 04:41pm EST 

Active Power Inc announced that it has named Jay Powers as Chief Financial Officer (CFO) and Vice President of Finance effective December 4, 2013. Steve Fife, current CFO and Vice President of Finance, will remain with the Company through the end of the year.  Full Article

Active Power Inc Names Mark A. Ascolese As President and Chief Executive Officer
Monday, 30 Sep 2013 04:00pm EDT 

Active Power Inc announced it has named Mark A. Ascolese as President and Chief Executive Officer (CEO). Mr. Ascolese will assume his position effective October 14, 2013. At that time, Mr. Ascolese will replace Dr. Ake Almgren who currently serves as interim President and CEO. Dr. Almgren will continue his role as Chairman of the Company's board of directors. Mr. Ascolese will also serve on the Company's board of directors.  Full Article

Law Offices Of Howard G. Smith Announces Class Action Lawsuit Against Active Power Inc
Saturday, 21 Sep 2013 05:32pm EDT 

Law Offices of Howard G. Smith 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). 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 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.  Full Article

Gainey McKenna & Egleston Announces Files Securities Fraud Class Action Lawsuit Against Active Power Inc
Friday, 20 Sep 2013 06:30pm EDT 

Gainey McKenna & Egleston announced that a class action lawsuit has been filed in the United States District Court for the Western District of Texas on behalf of those who purchased shares of Active Power Inc, during the period 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. Thereafter, 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.  Full Article

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.  Full Article

Federman & Sherwood Announces Securities Class Action Lawsuit Against Active Power Inc
Friday, 13 Sep 2013 05:21pm EDT 

Federman & Sherwood announced that on September 10, 2013, a class action lawsuit was filed in the United States District Court for the Western District of Texas against Active Power Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 30, 2013 through September 5, 2013.  Full Article

Levi & Korsinsky, LLP Reminds Investors Of Class Action Against Active Power, Inc. And Its Board Of Directors
Thursday, 12 Sep 2013 05:56pm EDT 

Levi & Korsinsky, LLP announced that a class action lawsuit has been commenced in the United States District Court for the Western District of Texas on behalf of investors who purchased Active Power, Inc. commons stock between April 30, 2013 and September 5, 2013. The complaint alleges that during the class period the Company made materially false and misleading statements and/or omitted materially adverse facts that led the stock to trade at artificially inflated prices.  Full Article

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