NEW YORK, June 17, 2011 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T"), , announced today that a class action lawsuit, Case No. 11-CV-10582, has been filed against American Superconductor Corp. (Nasdaq:AMSC) on behalf of investors who purchased American Superconductor stock during the class period of November 2, 2010 through April 5, 2011. Potential class members who purchased American Superconductor stock should consider whether they should file an individual securities arbitration claim in addition to participating in the class action. Investors who held American Superconductor stock at a full service brokerage firm and sustained substantial losses may be able to recover their losses through the arbitration forum established by the Financial Industry Regulatory Authority ("FINRA"). FINRA's Arbitration Department is where investors, both retail and institutional, go to seek redress as a result of sales practice violations committed by their brokerage firm, including claims of over-concentration, misrepresentation and omission, unsuitable recommendations and failure to supervise.
According to the class action Complaint, the Defendants "made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was providing Sinovel with contracted shipments in excess of its needs; (2) that Sinovel was not paying AMSC for certain contracted shipments; (3) that the Company was continuing to provide Sinovel with contracted shipments even though Sinovel was not paying for certain prior shipments; (4) that, as a result, the Company was improperly recognizing revenue on certain contracted shipments provided to Sinovel; (5) that, as a result, the Company's revenues were overstated; [and] (6) that the Company lacked adequate internal and financial controls."
Investors who held American Superconductor stock with a full service brokerage firm and sustained significant losses can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or sustained investment losses of $200,000 or more in American Superconductor Corp. stock, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com
CONTACT: Klayman & Toskes, P.A. 888-997-9956