NEW YORK, May 3, 2011 (GLOBE NEWSWIRE) -- Shareholders of American Superconductor Corporation ("American Superconductor" or the "Company") (Nasdaq:AMSC) are reminded that class action lawsuits were filed on behalf of those who purchased common stock between July 29, 2010, through April 5, 2011.
The complaints allege that American Superconductor misled investors about sales and accounts receivable related to its largest customer, China-based Sinovel Wind ("Sinovel"). On April 5, 2011, American Superconductor disclosed that Sinovel refused to accept contracted shipments, and, as a result, the Company's earnings for the 2010 fourth quarter and fiscal year would be substantially below previous forecasts. The Company further told investors it was reviewing the appropriateness of its revenue recognition on approximately $56 million of unpaid shipments in the second, third and fourth quarters of fiscal 2010.
If you purchased American Superconductor securities during the Class Period you may, no later than June 6, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website ( www.milberg.com ) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney:
Andrei V. Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
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CONTACT: Milberg LLP Phone number: (800) 320-5081