American Superconductor To Pay $10M To Exit Securities Suit

Law360, Los Angeles (November 20, 2013, 6:29 PM EST) -- American Superconductor Corp. agreed Wednesday to pay $10 million to settle a proposed investor class action alleging the company inflated its stock price by hiding a fallout with its largest client, a Chinese wind turbine manufacturer.

The plaintiffs filed a motion in Massachusetts federal court seeking the judge's approval of the deal, which includes an $8.2 million cash and $1.8 million stock settlement fund. By accepting the settlement, the plaintiffs will drop all claims that American Superconductor and its executives and underwriters failed to disclose problems with...
To view the full article, register now.




Case Information

Case Title

Lenartz v. American Superconductor Corporation et al

Case Number




Nature of Suit



William G. Young

Date Filed

April 6, 2011

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.