DENVER, April 6, 2011 (GLOBE NEWSWIRE) -- The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that it has initiated its own investigation concerning potential legal claims of certain American Superconductor (Nasdaq:AMSC) investors.
On April 5, 2011, the company announced that its 2010 full year revenues would be less than $355 million, compared to its previous forecast of $430 to $440 million. It stated: "On March 31, 2011, Sinovel Wind Group Co., Ltd. (Sinovel) refused to accept contracted shipments of 1.5 megawatt (MW) and 3 MW wind turbine core electrical components and spare parts that AMSC was prepared to deliver. AMSC believes that Sinovel intends to reduce its level of inventory before accepting further shipments." It continued: "These delayed shipments are the primary cause for lower-than-anticipated financial results for AMSC's fourth quarter and full fiscal year 2010." On this troubling news, American Superconductor's stock price lost nearly half of its value.
If you are an American Superconductor investor or have information relevant to the investigation, you may contact Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com.
The law firm of Dyer & Berens LLP focuses on complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.