Science & Technology
Science and Technology
Science and Technology
Mon, April 11, 2011
Sun, April 10, 2011
Fri, April 8, 2011
Law Offices of Howard G. Smith, Representing Investors of American Superconductor Corporation, Announces Class Action Lawsuit
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith, representing investors of American Superconductor Corporation (aAMSCa or the aCompanya) (NASDAQ:AMSC), has filed a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of a class (the aClassa) consisting of all persons or entities who purchased the securities of AMSC between November 2, 2010, and April 5, 2011, inclusive (the aClass Perioda).
The Complaint alleges that AMSC and certain of its executive officers misrepresented and/or failed to disclose that: (1) AMSC was providing its primary customer a" Sinovel Wind Group Co., Ltd. (aSinovela) a" with contracted shipments in excess of its needs; (2) Sinovel was not paying AMSC for certain contracted shipments; (3) AMSC was continuing to provide Sinovel with contracted shipments although Sinovel was not paying for certain prior shipments; (4) AMSC was improperly recognizing revenue on certain contracted shipments to Sinovel; (5) AMSCa™s revenues were overstated; and (6), the Company lacked adequate internal and financial controls.
On April 5, 2011, AMSC disclosed that on the last day of AMSCa™s 2010 fiscal year Sinovel refused to accept contracted shipments, and AMSC believed Sinovel intended to reduce its level of inventory before accepting further contracted shipments. AMSC also informed investors it was reviewing the appropriateness of the timing of its revenue recognition on certain unpaid shipments in fiscal 2010.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased AMSC securities between November 2, 2010, and April 5, 2011, you have certain rights and have 60 days from April 6, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to [ howardsmith@howardsmithlaw.com ] or visit our website at [ http://www.howardsmithlaw.com ].
