Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Acti
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Active Power, Inc.
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Active Power, Inc. (NASDAQ CM: ACPW )?
- Did you purchase your shares before April 30, 2013, or between April 30, 2013 and September 5, 2013, inclusive?
- Did you lose money in your investment in Active Power, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Western District of Texas on behalf of all persons or entities that purchased the common stock of Active Power, Inc. ("Active Power" or the "Company") (NASDAQ CM: ACPW) between April 30, 2013 and September 5, 2013, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Active Power during the Class Period, or purchased shares prior to the Class Period and still hold Active Power, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/active-power-inc-acpw.
Active Power designs, manufactures and services uninterruptible power supply ("UPS") products and modular infrastructure solution ("MIS") products that provide electrical power continuity and integrated infrastructure platforms for data centers and other mission critical applications. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that the Company did not maintain a strategic distribution partnership with Digital China Information Service Company Limited ("Digital China"), the largest IT solutions provider in China. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 30, 2013, the Company announced during a conference call that it had entered into a strategic distribution partnership with Digital China. However, on September 5, 2013, after the close of trading, the Company disclosed that its partnership was with Qiyuan Network System Limited, which is neither an affiliate nor a subsidiary of Digital China. Additionally, the Company added that "[w]hile we remain optimistic about our long-term market opportunity in China, our experience this year in China has been very disappointing and for now is unpredictable."
On this news, shares in Active Power dropped more than 13%, closing at $3.02 per share on September 6, 2013, on unusually heavy trading volume of over 1.6 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than November 11, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
KEYWORDS: United States North America Delaware New York
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