NEW YORK, Sept. 10, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Active Power, Inc. ("Active Power" or the "Company") (NASDAQ: ACPW). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Active Power and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 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 Company represented that this relationship with Digital China would allow the Company to increase its revenues and profitability. On September 5, 2013, after close of trading, the Company retracted its guidance, citing disappointing results in China. The Company attributed the Company's poor result 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."
On this news, shares of Active Power fell $0.48 per share to more than 13.71% from the opening price of $3.50 on September 5, 2013 to close at $3.02 on September 6, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP