American Superconductor Corp. (AMSC), the wind-turbine part maker suing its former largest customer, surged the most in two weeks after announcing its quarterly earnings release date.
The shares rose 12 percent to $5.78 at the close in New York, the biggest increase since Jan. 18. The Devens, Massachusetts-based company will report earnings on Feb. 9, it said in a statement today.
The company last year failed to file its annual report on time because it was reviewing Chinese revenues. American Superconductor filed suit in September after an employee was jailed for stealing intellectual property and selling it to Beijing-based Sinovel Wind Group Co., a former customer.
“They didn’t report financials on time, they weren’t in Nasdaq compliance for a long time, and there were a lot of moving parts that people couldn’t get comfortable with,” said Carter Driscoll, a Capstone Investments analyst in Miami who rates the shares a “hold.”
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