Nov. 12, 2012 (Shareholders Foundation) -- An investigation on behalf of investors of Active Network Inc (NYSE:ACTV) shares over potential securities laws violations by Active Network Inc and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Active Network Inc (NYSE:ACTV) concerning whether a series of statements by Active Network Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Active Network Inc (NYSE:ACTV) reported that its annual Revenue rose from $173.20 million in 2008 to $337.39 million in 2011 and its respective annual Net Loss decreased from $48.98 million to $15.33 million.

Then on November 1, 2012, Active Network Inc reported its third quarter 2012 financial results. Among other things, Active Network Inc, also issued its guidance for the fourth quarter and FY 2012 and 2012. Active Network Inc said that it expected a Net Loss of $18 to $13 million for the fourth quarter in 2012 and a Net Loss of $47 to $42 million for the FY 2012.

Shares of Active Network Inc (NYSE:ACTV) dropped from $9.46 per share on Nov. 1, 2012 to $5.055 on November 2, 2012.

On Nov. 9, 2012, NYSE:ACTV shares closed at $5.74 per share, which is significantly below its 52 week High of $17.74 per share.