SOURCE: Brower Piven, A Professional Corporation

April 26, 2011 17:38 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in American Superconductor Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 6, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 26, 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 securities of American Superconductor Corporation("AMSC" or the "Company") (NASDAQ: AMSC) during the period between November 2, 2010 and April 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 June 6, 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.

According to the complaint, AMSC provides wind turbine designs and electrical control systems, and the company's quarterly revenues during the Class Period were largely derived from customer Sinovel Wind Group Co. Ltd. ("Sinovel"). 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: AMSC was providing Sinovel with shipments in excess of their needs and that as Sinovel was not paying for certain shipments, AMSC was improperly recognizing revenue on certain shipments to Sinovel and overstating revenue. According to the complaint, on April 5, 2011, AMSC announced that Sinovel refused to accept shipments and refused to pay for shipments made during the 2010 fiscal year and that the Company expected its 2010 fourth-quarter and fiscal year earnings would be substantially below previous projections, in reaction to which the value of AMSC shares declined significantly.

If you have suffered a net loss for all transactions in American Superconductor Corporation securities during the Class Period, including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, 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

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact