Active Power Inc (NASDAQ: ACPW) Investor Securities Class Action Lawsuit 09/10/2013

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Company Name(s): 
Active Power
Case Name: 
Active Power Shareholder Class Action Lawsuit 09/10/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ACPW
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/10/2013
Class Period Begin: 
02/19/2013
Class Period End: 
09/05/2013
Court of Filing: 
U.S. District Court for the Western District of Texas
Deadline To File for Lead: 
11/11/2013
Date Settled: 
01/07/2015
Settlement Amount: 
$1,500,000
Deadline to Participate in Settlement: 
03/25/2015
Settlement Notice: 
Settlement Proof: 
Summary: 

May 16, 2015 - The court approved the settlement, the plan of allocation and the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

May 15, 2015 - The court held a final settlement hearing.

January 7, 2015 - The court preliminarily approved the settlement.

October 2, 2014 - Parties filed a stipulation of settlement.

July 2, 2014 - The court denied the defendants' motion to dismiss.

January 21, 2014 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Active Power Inc (NASDAQ: ACPW) common shares between February 19, 2013 and September 5, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 19, 2013 and September 5, 2013.

November 12, 2013 - A lead plaintiff motion was filed.

September 10, 2013 - An investor in shares of Active Power Inc (NASDAQ: ACPW) filed a lawsuit in the U.S. District Court for the Western District of Texas against Active Power Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 30, 2013 and September 5, 2013.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of Active Power Inc (NASDAQ: ACPW) between April 30, 2013 and September 5, 2013, that Active Power Inc and certain of its officers violated the Securities Exchange Act of 1934.

On April 30, 2013, Active Power Inc (NASDAQ: ACPW) reported its first quarter 2013 results. Among other things, Active Power Inc said that it entered into a new strategic distribution partnership agreement with Digital China Information Service Company Limited, the largest IT solutions provider in China. Doug Milner, president and CEO, at Active Power Inc said that Active Power Inc broadened its market reach in Asia with the addition of Digital China as one of its strategic distribution partners and that Active Power Inc has already engaged with Digital China on large data center projects for which it anticipates field product deployments later this year.

Then on September 5, 2013, Active Power Inc retracted its guidance for the third quarter. Active Power Inc said that it will not achieve its revenue or earnings per share guidance for the third quarter ending September 30, 2013, due primarily to lower than expected sales in China. Active Power Inc said that the lower than expected sales in China are due to disappointing results from the company's distribution relationship in China and that Active Power Inc previously announced in error that a partnership agreement with Digital China Information Service Company Limited was entered into on April 30, 2013.

Active Power Inc said that its 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.

Shares of Active Power Inc (NASDAQ: ACPW) declined from $3.50 per share in September 5, 2103, to $2.83 per share on September 6, 2013.