American Superconductor (AMSC) Receives Unfavorable Verdict in Sinovel Suit; Plans to Appeal
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American Superconductor (NASDAQ: AMSC) disclosed the following on Tuesday:
Item 8.01. Other Events.
On August 17, 2016, American Superconductor Corporation (the “Company”) received notification that the Hainan Higher People’s Court dismissed the civil action captioned (2014) Hainan Yi Zhong Zhi Min Chu Zi No. 2 for software copyright infringement filed by the Company’s wholly-owned Chinese subsidiary, Suzhou AMSC Superconductor Co., Ltd. (“AMSC China”) against Sinovel Wind Group Co. Ltd., a company registered in China (“Sinovel”) and a former licensee of wind turbine technology from the Company’s wholly-owned Austrian subsidiary, AMSC Austria GmbH, and Dalian Guotong Electric Co. Ltd., a supplier of power converter products to Sinovel (“Guotong”), for what it cited was a lack of evidence.
In this civil action, AMSC China is seeking a cease and desist order with respect to the unauthorized use of its software, monetary damages of RMB 1.2 million (approximately $0.2 million) for its economic losses and reimbursement of all costs and reasonable expenses.
The Company expects to file an appeal of the Hainan Higher People’s Court’s decision with China’s Supreme People’s Court. China’s Supreme People’s Court has discretion to decide whether to hear the appeal.
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