AUSTIN, Texas, Jan. 23, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Western District of Texas has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Active Power, Inc. (Nasdaq:ACPW):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY TRADED COMMON STOCK OF ACTIVE POWER, INC. BETWEEN FEBRUARY 19, 2013 AND SEPTEMBER 5, 2013
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on May 15, 2015 at 10:00 a.m. before the Honorable Sam Sparks, United States District Judge of the Western District of Texas, 501 West Fifth Street, Courtroom 2, Austin, Texas 78701 (the "Settlement Hearing"), for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $1,500,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; (3) whether the application for an award of attorneys' fees of one third of the Settlement, reimbursement of expenses of not more than $40,000, and an incentive payment of no more than $10,000 to lead plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased common stock of Active Power, Inc. ("Active Power" or the "Company") between February 19, 2013 and September 5, 2013, both dates inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to Active Power, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3, P.O. Box 230, Media, PA 19063 (866-274-4004 (Tel) 610-565-7985 (Fax); info@strategicclaims.net), or going to the website, www.strategicclaims.net. If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than March 25, 2015, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than April 10, 2015, in the manner and form explained in the detailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of Allocation, or the Plaintiffs' Counsels' request for an award of attorneys' fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than April 24, 2015, to each of the following:
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Clerk of the Court United States District Court Western District of Texas - Austin Division 501Fifth Street, Suite 1100 Austin, TX 78701 |
Laurence M. Rosen, Esq. THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Tel.: 212-686-1060 Fax: 212-202-3827 Lead Counsel |
Paul R. Bessette, Esq. KING& SPALDING LLP 401 Congress Avenue, Suite 3200 Austin, Texas 78701 Telephone: (512) 457-2000 Fax: (512) 457-2100 Counsel for Defendants Active Power, Inc., Doug Milner, and Steven R. Fife |
If you have any questions about the Settlement, you may call or write to Plaintiffs' Counsel:
Laurence M. Rosen, Esq.
Jonathan Horne, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel.: 212-686-1060
Fax: 212-202-3827
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
Dated: JANUARY 7, 2015
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE WESTERN
DISTRICT OF TEXAS