Reporter Account  Create New Account  Login!
Search :
QUICK LINKS : Art & Entertainment Automotive Blogging & Social Media Business Computer Design Education Environment Events / Trade Shows  
Increase Sales in Just 69 secs!
forpressrelease.com
Promote Your Events
forpressrelease.com
Platform for Startups
forpressrelease.com
For Press Release Writing
forpressrelease.com
Post Your Story for FREE!
forpressrelease.com
 
 
 
Press Release Details    
Add to Favorites  Mail to a Friend Print Page   Share This News Rate
Save This Listing     Stumble It          
451

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

Levi & Korsinsky, LLP is investigating potential securities fraud claims against American Superconductor Corporation (Nasdaq: AMSC) resulting from the revelation that the Company may have issued materially false and misleading statements to shareholders.

New York, NY, April 07, 2011 -- Levi & Korsinsky, LLP is investigating potential securities fraud claims against American Superconductor Corporation (“AMSC” or the “Company”) (Nasdaq: AMSC) resulting from the 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 and April 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 AMSC’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 shareholder’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.

Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St
15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com  
 
 

Contact Information

  • Name:

    Company:

    Telphone: -- , -

    Address:

    Email: