American Superconductor Says China Will Review Sinovel Suit
American Superconductor Corp. (AMSC), a supplier of wind-turbine components, said China’s Supreme People’s Court will review a lower court’s decision dismissing a intellectual-property lawsuit against Sinovel Wind Group Co.
The date of the review has not been set, AMSC said today in a statement. China’s highest court agreed in May to hear the case, the smallest of four suits the Devens, Massachusetts-based company is pursuing against its former largest customer.
AMSC is seeking a total of more than $1.2 billion in damages in Chinese courts, alleging that Sinovel violated sales contracts and stole its technology. The company spent about $300,000 in the third quarter on its legal battle with China’s second-biggest turbine maker.
AMSC shares gained 0.4 percent to $2.77 at 10:35 a.m. in New York. Sinovel contributed about 70 percent of its revenue in fiscal 2010, before the turbine company stopped accepting shipments in March 2011.
Xinjiang Goldwind Science & Technology Co. is China’s largest turbine maker by revenue.
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