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Harwood Feffer LLP Encourages Investors Who Have Losses in Excess of $100,000 From Investment in American Superconductor Corpor

^{Published on 2011-04-11 09:45:23 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Harwood Feffer LLP announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of American Superconductor Corporation (aAMSC or the aCompany) (NASDAQ: AMSC) between November 2, 2010 and April 5, 2011, inclusive (the aClass Period).

"AMSC or the aCompany) (NASDAQ: AMSC) between November 2, 2010 and April 5, 2011, inclusive (the aClass Period)."

No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 6, 2011 and be selected by the court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages to serve as a Lead Plaintiff. You may contact the Harwood Feffer LLP website ([ http://www.hfesq.com ]) or Samuel K. Rosen, directly, at [ srosen@hfesq.com ] to ask any questions you may have in that regard.

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 therefore 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.

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ([ http://www.hfesq.com ]) for more information about the firm.

If you purchased AMSC common stock during the Class Period, suffered a loss on those shares in excess of $100,000 and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ([ www.hfesq.com ]). Prior results do not guarantee or predict a similar outcome with respect to any future matter.