N@N

Levi & Korsinsky, LLP Launches an Investigation into Potential Securities Fraud Claims against American Superconductor Corporat

^{Published on 2011-04-06 11:30:36 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky, LLP is investigating potential securities fraud claims against American Superconductor Corporation (aAMSCa or the aCompanya) (Nasdaq: AMSC) resulting fromthe revelation that the Company may have issued materially false and misleading statements to shareholders regarding sales and accounts receivable related to its largest customer between the period of November 2, 2010 andApril 5, 2011.

On April 5, 2011, AMSC announced that customer Sinovel Wind Group Co., Ltd. refused to accept contracted shipments and also refused to pay AMSC for contract shipments made during the 2010 fiscal year. Sinovel accounts for approximately three quarters of AMSCa™s revenue. The Company now expects fourth-quarter 2010 revenue to be just $42 million, and the Company will report a loss for that quarter. As a result of this disclosure, shares of AMSC dropped more than 44 percent on April 5, 2011.

Levi & Korsinsky, LLP is investigating what AMSC knew and when, and whether a basis exists to initiate a securities class action lawsuit on behalf of shareholders. If you purchased AMSC securities between November 2, 2010 and April 5, 2011, and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit [ http://www.zlk.com/american-superconductor-amsc.html ].

Levi & Korsinsky, LLP represents investors in shareholdera™s rights claims, concentrating its practice in securities class actions. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below.