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Stock Market & Financial Investment News

News Breaks
June 5, 2014
08:44 EDTAMSCAMSC reports Q4 EPS ex-items 14c, consensus (17c)
Reports Q4 revenue $16.3M, consensus $16.25M.
News For AMSC From The Last 14 Days
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September 16, 2014
08:36 EDTAMSCAMSC provides update on litigation with Sinovel Wind
AMSC issued several updates regarding its litigation with Sinovel Wind Group. In the trade secret infringement case, the Beijing Higher People's Court upheld AMSC's position by rejecting Sinovel's appeal to transfer the case to the Beijing Arbitration Commission. Additionally, the first substantive hearing in the Beijing copyright infringement case took place at the Beijing No. 1 Intermediate People's Court. Finally, in the U.S. Department of Justice's case against Sinovel, members of its senior management team, and AMSC's former employee, the United States District Court for the Western District of Wisconsin upheld an earlier ruling that the service of summons of the criminal complaint was valid.
September 4, 2014
08:48 EDTAMSCAMSC adjusts Q2 EPS view to less than (33c), consensus (16c)
As a result of the Arbitration Tribunal for the ICC International Court of Arbitration awarding Ghodawat $11M in damages, the company expects to record a charge of approximately $10.5M in Q2 ending September 30 for this award. As a result, AMSC is adjusting its GAAP net loss guidance for Q2 to be less than $26M, or (33c) per share.
08:45 EDTAMSCAMSC reports ICC Court awards Ghodawat $11M in damages
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08:40 EDTAMSCAMSC provides update on litigation with Ghodawat Energy
American Superconductor said in a regulatory filing that on September 1, the company received notification that the Arbitration Tribunal for the ICC International Court of Arbitration issued an award, dated August 29, in the arbitration proceedings between the company’s wholly-owned Austrian subsidiary, AMSC Austria GmbH and Ghodawat Energy Pvt. Ltd., a company registered in India and a former licensee of AMSC Austria’s wind turbine technology, relating to Ghodawat’s claim that AMSC Austria breached the license agreement between the parties. The ICC Court found that AMSC Austria breached the license agreement and awarded Ghodawat approximately $11M in damages and costs, including interest. The award bears interest at the Singapore judgment rate, which is currently 5.33%, from the date of the award until paid. The Company is exploring its options with respect to the award.The company’s insurer sought and received a ruling from the Massachusetts Superior Court that coverage does not apply to this award. The company is currently reviewing its options regarding the ruling. As a result, there can be no assurance that there will be insurance coverage available to offset any amounts paid out in conjunction with the award.
08:26 EDTAMSCAMSC trading halted, pending news

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