NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm announces that it is investigating potential securities claim against Active Power, Inc. (NASDAQ: ACPW) resulting from allegations that the Company may have misstated the identity of a purported Chinese partner.
“the company's previously announced agreement in China is with Qiyuan Network System Limited, which the company's management discovered is neither an affiliate nor a subsidiary of Digital China Information Service Company Limited.”
On April 30, 2013, ACPW 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." ACPW represented that this relationship with Digital China would allow ACPW to 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 close of trading, ACPW retracted its guidance, citing disappointing results in China. ACPW added that the poor results were attributable to the fact that "the company's previously announced agreement in China is with Qiyuan Network System Limited, which the company's management discovered is neither an affiliate nor a subsidiary of Digital China Information Service Company Limited."
That day, ACPW's share price fell almost 20%, damaging investors.
The Rosen Law Firm is preparing a class action lawsuit on behalf of ACPW investors. If you purchased ACPW stock before September 6, 2013, please visit the website at http://rosenlegal.com for more information. You may also contact Jonathan Horne, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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