Robbins Umeda LLP Announces an Investigation of American Superconductor Corporation for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of American Superconductor Corporation (NasdaqGS: 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.
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.
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