NEW YORK, April 8, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of investors who purchased the common stock of American Superconductor Corp. (Nasdaq:AMSC) during the period from July 29, 2010 through April 5, 2011 (the "Class Period"), seeking to recover investors' damages from violations of federal securities laws.
In the course of its investigation of American Superconductor's alleged securities fraud, the Rosen Law Firm has discovered new information. This new information permits shareholders who purchased American Superconductor common stock at any time during an EXPANDED Class Period to participate in this class action. The expanded Class Period is from July 29, 2010 through April 5, 2011.
To join the American Superconductor class action, visit the Rosen Law Firm's website at , or call Timothy Brown, Esq. toll-free, at 866-767-3653; you may also email him at tbrown@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the District of Massachusetts.
The Complaint alleges that the Company and certain of its executive officers made a number of misrepresentations in its public filings with the Securities Exchange Commission, in its press releases, and in earnings calls. Specifically, the defendants failed to disclose that: (1) the Company was providing Sinovel Wind Group Co., Ltd. ("Sinovel") with contracted shipments in excess of the needs of Sinovel; (2) Sinovel was not paying American Superconductor for certain contracted shipments; (3) the Company was continuing to provide Sinovel with contracted shipments despite the fact that Sinovel had not been paying for certain prior shipments; (4) consequently, the Company was improperly accounting for its accounts receivable; (5) consequently, the Company's accounts receivable were overstated; (6) consequently, the Company was improperly recognizing revenue on certain contracted shipments provided to Sinovel; (7) consequently, the Company's revenues were overstated; and (8) consequently, the Company's projected revenues for fiscal year 2010 were knowingly overstated when made. The Complaint asserts when the truth of the Company's misstatements began to enter the market on April 5, 2011, the Company's share price tumbled nearly 42%, thus damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than June 3, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Timothy Brown, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at tbrown@rosenlegal.com. You may also visit the firm's website at .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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CONTACT: Timothy Brown, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue 34th Floor New York, New York 10016 Tel: (212) 686-1060 Weekends Tel: (917) 797-4425 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com tbrown@rosenlegal.com www.rosenlegal.com