LOS ANGELES, July 15, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of A-Power Energy Generation Systems, Ltd. ("A-Power" or the "Company") (Nasdaq:APWR) between March 31, 2008 and June 27, 2011, inclusive (the "Class Period"), have until August 31, 2011 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case is pending in the United States District Court for the Central District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
A-Power, through its subsidiaries, provides onsite distributed power generation systems and micro power grids for industrial companies, primarily in the People's Republic of China. The Complaint alleges that during the Class Period defendants issued a series of materially false and misleading statements concerning the Company's business and financial performance. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly accounted for its related-party transactions such that its financial statements were presented in violation of Generally Accepted Accounting Principles (GAAP); (2) the Company's revenues and income were misstated in violation of GAAP; (3) revenue and income reported in the Company's filings with the U.S. Securities and Exchange Commission were overstated, as the Company reported materially lower revenue and net income in its filings with China's State Administration for Industry and Commerce (SAIC); (4) the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing A-Power securities between March 31, 2008 and June 27, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the August 31, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing A-Power shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.