San Diego, CA -- (SBWIRE) -- 06/10/2014 -- An investigation on behalf of current long-term investors in shares of Active Power, Inc. (NASDAQ:ACPW) was announced over potential breaches of fiduciary duties by certain officers and directors at Active Power.
Investors who purchased shares of Active Power, Inc. (NASDAQ:ACPW) in 2013 or earlier and currently hold any of those NASDAQ:ACPW shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Active Power officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
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 said that Active Power broadened its market reach in Asia with the addition of Digital China as one of its strategic distribution partners and that Active Power 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 Sept. 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.
Those who purchased shares of Active Power, Inc. have certain options and should contact the Shareholders Foundation.
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