SOURCE: Izard Nobel LLP

July 06, 2011 18:10 ET

Izard Nobel LLP Announces Class Action Lawsuit Against A-Power Energy Generation Systems, Ltd.

WEST HARTFORD, CT--(Marketwire - Jul 6, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Nevada on behalf of purchasers of the common stock of A-Power Energy Generation Systems, Ltd. ("A-Power" or the "Company") (NASDAQ: APWR) between August 27, 2009 and June 27, 2011, inclusive (the "Class Period").

The Complaint charges that A-Power and certain of its officers and directors violated federal securities laws. Specifically the Complaint alleges that defendants concealed that: (i) A-Power improperly accounted for its related-party transactions such that its financial statements were presented in violation of Generally Accepted Accounting Principles ("GAAP"); and (ii) A-Power's revenues and income were misstated in violation of GAAP.

On June 17, 2011, Seeking Alpha reported that A-Power reported significantly lower revenue and profits to the Chinese State Administration for Industry and Commerce than it reported to the SEC. Then on June 27, 2011, A-Power announced that its auditor had resigned due to the Company's failure to retain a "qualified independent forensic accounting firm to evaluate certain transactions..." Moreover, A-Power acknowledged that the filing of its Form 20-F for the fiscal year ending December 31, 2010 would be delayed, due in part to the resignation of its auditor. On this news, NASDAQ halted trading of A-Power stock at $1.67 per share.

If you are a member of the class, you may, no later than August 31, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/apower/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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