If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*
Need Legal Help? Contact Us. Call +1 (888) 997-9956
Earlier this year, a class action lawsuit, Case No. 11-CV-10582, was filed against American Superconductor Corp. (Nasdaq:AMSC – News) on behalf of investors who purchased American Superconductor stock during the class period of November 2, 2010 through April 5, 2011. Potential class members who purchased American Superconductor stock should consider whether they should file an individual securities arbitration claim in addition to participating in the class action. Investors who held American Superconductor stock at a full service brokerage firm and sustained substantial losses may be able to recover their losses through the arbitration forum established by the Financial Industry Regulatory Authority (“FINRA”). FINRA’s Arbitration Department is where investors, both retail and institutional, go to seek redress as a result of sales practice violations committed by their brokerage firm, including claims of over-concentration, misrepresentation and omission, unsuitable recommendations and failure to supervise.
According to the class action Complaint, the Defendants “made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was providing Sinovel with contracted shipments in excess of its needs; (2) that Sinovel was not paying AMSC for certain contracted shipments; (3) that the Company was continuing to provide Sinovel with contracted shipments even though Sinovel was not paying for certain prior shipments; (4) that, as a result, the Company was improperly recognizing revenue on certain contracted shipments provided to Sinovel; (5) that, as a result, the Company’s revenues were overstated; [and] (6) that the Company lacked adequate internal and financial controls.”
Investors who held American Superconductor stock with a full service brokerage firm and sustained significant losses can contact our law firm to explore their legal rights and options.