May 10, 2011 (Business Wire) -- Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of American Superconductor Corporation (Nasdaq: AMSC). The firm is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at American Superconductor. American Superconductor provides wind turbine designs and electrical control systems in North America, Europe, and Asia-Pacific. The company also offers smart grid technologies, including superconductor power cable systems, grid-level surge protectors, and power electronics-based voltage stabilization systems for power grid operators. The company was founded in 1987, and is headquartered in Devens, Massachusetts.
If you own stock in American Superconductor and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.
The investigation focuses on whether the officers and directors of American Superconductor caused the company to issue materially inaccurate statements to the investing public. Recently, American Superconductor revealed that China-based Sinovel Wind Group, a key customer that accounts for over 70% of American Superconductor's revenue, was refusing to take shipments of some of its components. As a result, American Superconductor slashed its current quarter and fiscal year outlook. Specifically, the company now expects full-year revenue to be less than $355 million, significantly less than its previously-released estimate of $430-$440 million. American Superconductor also said full-year adjusted earnings would fail to meet its previous forecast of $1.33-$1.38 per share.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/american-superconductor-corp/
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Robbins Umeda LLP
Gregory E. Del Gaizo, 800-350-6003