American Superconductor Execs Hit With Investor Suit

Law360, New York (January 13, 2012, 8:57 PM ET) -- An American Superconductor Corp. shareholder hit the wind power technology company’s board and former CEO with a derivative suit in Delaware state court on Thursday, alleging management engaged in accounting fraud to hide a costly fallout with AMSC’s primary customer.

The defendants, including former CEO Gregory Yurek, propped up the company’s stock price in 2010 with false and misleading statements based on shady accounting of sales to China-based Sinovel Wind Group Co. Ltd., according to a complaint filed by Howard Krasnoff in Delaware Chancery Court....
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers