Levi & korsinsky notifies investors with losses on their investment in american superconductor corporation of class action lawsuit and the june 6, 2011 lead plaintiff deadline – amsc

New york--(business wire)--levi & korsinsky 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) who purchased between november 2, 2010 and april 5, 2011 (the “class period”). amsc provides wind turbine designs and electrical control systems. the company’s quarterly revenues during the class period were largely derived from customer sinovel wind group co. ltd. (“sinovel”). the complaint alleges that during the class period, defendants violated federal securities laws by misrepresenting and/or failing to disclose that: (a) amsc was providing sinovel with shipments in excess of their needs; (b) sinovel was not paying for certain shipments; (c) amsc was improperly recognizing revenue on certain shipments to sinovel; and (d) as a result, amsc’s revenues were overstated. on april 5, 2011, amsc announced that sinovel refused to accept shipments and refused to pay for shipments made during the 2010 fiscal year. the company also announced it expected its 2010 fourth-quarter and fiscal year earnings would be substantially below previous projections. the following day, shares of amsc plummeted by more than 42 percent. if you are a member of the class and suffered a loss in amsc stock, you have until june 6, 2011 to request that the court appoint you as lead plaintiff. your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. to obtain additional information about your rights, contact joseph e. levi, esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/american-superconductor-amsc.html. levi & korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. for more information, please feel free to contact any of the attorneys listed below. attorney advertising. prior results do not guarantee similar outcomes.
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