SOURCE: Brower Piven, A Professional Corporation

July 28, 2011 18:38 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Satcon Technology Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the September 19, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Jul 28, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of Satcon Technology Corporation ("Satcon" or the "Company") (NASDAQ: SATC) during the period between March 4, 2010 and July 5, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 19, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was experiencing a decrease in sales of its inverter systems; that the Company's European market was performing below internal expectations due to changes in government incentives for solar energy; and that the Company failed to properly account for its inventory. According to the complaint, after, on April 7, 2011, Satcon revised its previous first quarter projection (revenues in the range of $65 to $70 million with gross margins from 25% to 27%) to revenue between $61 million and $63 million and gross margins from 23% to 25%; and after, on July 5, 2011, the Company announced preliminary financial results for the second quarter of 2011 of revenue between $45 million and $47 million (due to "changes in government incentives in the company's higher margin markets in Europe as well as delays on a few projects that have been pushed into the third quarter") with gross margins estimate "between 7% and 11%, below the company's previously announced guidance of 17% to 20%" due to the "lower revenue range, and the effects of the slowdown in the European market" and that the Company was reducing its workforce by 15%, the value of Satcon shares declined significantly.

If you have suffered a net loss for all transactions in Satcon Technology Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact