N@N

Izard Nobel LLP Announces Class Action Lawsuit Against American Superconductor Corporation

^{Published on 2011-04-12 14:15:36 - Market Wire}
 

WEST HARTFORD, CT--(Marketwire - April 12, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status 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 July 29, 2010 and April 5, 2011, inclusive (the "Class Period").

The Complaint charges AMSC and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) AMSC was providing Sinovel Wind Group Co., Ltd. ("Sinovel") with contracted shipments in excess of its needs; (ii) Sinovel was not paying AMSC for certain contracted shipments; (iii) AMSC was continuing to provide Sinovel with contracted shipments although Sinovel was not paying for certain prior shipments; (iv) that AMSC was improperly recognizing revenue on those contracted shipments to Sinovel; and (v) AMSC's revenues were overstated.

On April 5, 2011, AMSC disclosed lower-than-anticipated financial results for AMSC's fourth quarter and full fiscal year 2010 and that on March 31, 2011, Sinovel refused to accept contracted shipments, and AMSC believed Sinovel intended to reduce its level of inventory before accepting any further contracted shipments. Additionally, AMSC disclosed it was reviewing its revenue recognition on approximately $56 million of unpaid shipments in 2010. On this news, AMSC's shares fell $10.41 to $14.47 per share on April 6, 2011.

If you are a member of the class, you may, no later than June 6, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: [ www.izardnobel.com/americansuperconductor/ ], or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: [ firm@izardnobel.com ]. For more information about class action cases in general, please visit our website: [ www.izardnobel.com ].