NEW YORK--(BUSINESS WIRE)--The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating potential federal securities claims against Active Power Inc. (“Active Power” or the “Company”) (NASDAQ: ACPW) and certain of its officers and directors in connection with allegations that the Company misstated the identity of a purported Chinese partner.
On April 30, 2013, Active Power announced that it had entered into a “[n]ew strategic distribution partnership agreement with Digital China Information Service Limited, the largest IT solutions provider in China.” Active Power represented that the relationship with Digital China would increase its revenues and profitability, adding that “[w]e have already engaged with Digital China on large data center projects for which we anticipate field product deployment later this year.”
On September 5, 2013, after the close of trading, the Company retracted its guidance for the third quarter of 2013, citing disappointing results in China. In particular, the Company disclosed that its agreement in China was, in fact, with Qiyuan Network System Limited, “which the [C]ompany’s management discovered 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.
Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
Please contact us no later than November 11, 2013 if you own Active Power common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, at:
Gregory M. Nespole
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016