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...
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Case Information

Case Title

Lenartz v. American Superconductor Corporation et al


Case Number

1:11-cv-10582

Court

Massachusetts

Nature of Suit

Securities/Commodities

Judge

William G. Young

Date Filed

April 6, 2011

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