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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against American Superconductor Corporation

^{Published on 2011-04-08 21:20:40 - Market Wire}
 

WAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/amsc ]) announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of American Superconductor Corporation ("AMSC" or the "Company") (NASDAQ: AMSC) between November 2, 2010 and April 5, 2011, inclusive (the "Class Period").

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [ rmaniskas@rmclasslaw.com ] or visit: [ www.rmclasslaw.com/cases/amsc ].

The Complaint charges AMSC and certain of its executive officers with violations of federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (1) AMSC was providing Sinovel Wind Group Co., Ltd. (aSinovela) 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) that AMSC was improperly recognizing revenue on those contracted shipments to Sinovel; (5) as a result, AMSCa™s revenues were overstated; and (6) the Company lacked adequate internal and financial controls.

On April 5, 2011, AMSC disclosed that on March 31, 2011 that Sinovel refused to accept contracted shipments, and AMSC believed Sinovel intended to reduce its level of inventory before accepting any further contracted shipments. According to the Company, the delayed shipments were the primary cause for lower-than-anticipated financial results for AMSCa™s fourth quarter and full fiscal year 2010. Additionally, AMSC disclosed it was reviewing the appropriateness of the timing of its revenue recognition on approximately $56 million of unpaid shipments in the second, third and fourth quarters of fiscal 2010. On this news, the Companya™s shares declined $10.41 per share, or 41.84%, to close on April 6, 2011, at $14.47 per share, on unusually heavy trading volume.

If you are a member of the class, you may, no later than June 3, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: [ www.rmclasslaw.com/cases/amsc ] or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [ rmaniskas@rmclasslaw.com ]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: [ www.rmclasslaw.com ].