NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of American Superconductor Corp. ("American Superconductor" or the "Company") (Nasdaq:AMSC) during the period from July 29, 2010 – April 5, 2011 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 237.
American Superconductor provides wind turbine designs and electrical control systems primarily in North America, Europe and Asia. Specifically, the investigation concerns, among other things, whether the Company was providing its largest customer, Sinovel Wind Group Co., Ltd. ("Sinovel") with contracted shipments in excess of its needs.
On April 5, 2011, American Superconductor disclosed lower-than-anticipated financial results for its fourth quarter and full fiscal year 2010 and that on March 31, 2011, Sinovel refused to accept contracted shipments, and American Superconductor 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, American Superconductor shares fell $10.41 per share, or nearly 42%, to close at $14.47 per share on April 6, 2011.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) rrboyle@pomlaw.com