NEW YORK, Sept. 20, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces 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. ("Active Power" or the "Company") (Nasdaq:ACPW), 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.
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. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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