AMSC (AMSC) Updates on Shipment Litigation w/ Sinovel, Seeking to Recover $1.2B
AMSC (Nasdaq: AMSC), has provided an update regarding its legal actions in China. As previously reported, AMSC has filed for arbitration and has filed three civil lawsuits in the Chinese courts against Sinovel Wind Group Co., Ltd. (Sinovel) and companies related to Sinovel. In total, AMSC is seeking to recover more than $1.2 billion for contracted shipments and damages from Sinovel in these cases, which stem from Sinovel's contractual breaches in March 2011 and AMSC's discovery of intellectual property theft by Sinovel employees in June 2011.
The smallest of the civil cases is a copyright infringement complaint filed with the Hainan Province Number 1 Intermediate People's Court case against Sinovel and Dalian Guotong Electric Co., Ltd. (Guotong), a company related to Sinovel. Guotong is a supplier of power converter products to Sinovel. AMSC has compiled and presented to the Hainan court evidence demonstrating that its copyrighted software is being infringed by Sinovel and Guotong. AMSC is seeking a cease and desist order and damages totaling approximately $200,000 in this case.
In December 2011, Sinovel filed a jurisdiction opposition motion requesting dismissal by the Hainan Province No. 1 Intermediate People's Court, saying the case should be governed by the Beijing Arbitration Commission. On February 3, 2012, AMSC received the Civil Ruling from the court, which granted Sinovel's motion and dismissed the entire case.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
The smallest of the civil cases is a copyright infringement complaint filed with the Hainan Province Number 1 Intermediate People's Court case against Sinovel and Dalian Guotong Electric Co., Ltd. (Guotong), a company related to Sinovel. Guotong is a supplier of power converter products to Sinovel. AMSC has compiled and presented to the Hainan court evidence demonstrating that its copyrighted software is being infringed by Sinovel and Guotong. AMSC is seeking a cease and desist order and damages totaling approximately $200,000 in this case.
In December 2011, Sinovel filed a jurisdiction opposition motion requesting dismissal by the Hainan Province No. 1 Intermediate People's Court, saying the case should be governed by the Beijing Arbitration Commission. On February 3, 2012, AMSC received the Civil Ruling from the court, which granted Sinovel's motion and dismissed the entire case.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- Auxilium (AUXL) Files Suit Against Watson (WPI) Over Testim 1% Gel
- EU Wants to Settle Antitrust Issues as Much as Google (GOOG), It Just Needs Proof
- Skechers (SKX) Confirms Settlement in Shape-Ups Advertising Cases
Create E-mail Alert Related Categories
Corporate News, LitigationSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
