CASES
American Superconductor Corporation
Class Period: Nov 2, 2010 to Apr 5, 2011
Lead Plaintiff Deadline: Jun 6, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against American Superconductor Corporation (AMSC) ("AMSC" or the "Company") on behalf of all persons or entities who purchased AMSC securities from November 2, 2010 through April 5, 2011. This case has been filed in the United States District Court of District of Massachusetts.
The Complaint alleges as follows: Throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about American Superconductor Corporation's ("AMSC" or the "Company") business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was providing Sinovel Wind Group Co., Ltd. ("Sinovel") with contracted shipments in excess of its needs; (2) that Sinovel was not paying AMSC for certain contracted shipments; (3) that the Company was continuing to provide Sinovel with contracted shipments even though Sinovel was not paying for certain prior shipments; (4) that, as a result, the Company was improperly recognizing revenue on certain contracted shipments provided to Sinovel; (5) that, as a result, the Company's revenues were overstated; (6) that the Company lacked adequate internal and financial controls; and (7) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, plaintiff and other Class members have suffered significant losses and damages.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.