Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Satcon Technology Corporation to I...
July 28 2011 - 6:38PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the District of Massachusetts on behalf of purchasers of
the common stock of Satcon Technology Corporation ("Satcon" or the
"Company") (NASDAQ: SATC) during the period between March 4, 2010
and July 5, 2011, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than September 19, 2011 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company was
experiencing a decrease in sales of its inverter systems; that the
Company's European market was performing below internal
expectations due to changes in government incentives for solar
energy; and that the Company failed to properly account for its
inventory. According to the complaint, after, on April 7, 2011,
Satcon revised its previous first quarter projection (revenues in
the range of $65 to $70 million with gross margins from 25% to 27%)
to revenue between $61 million and $63 million and gross margins
from 23% to 25%; and after, on July 5, 2011, the Company announced
preliminary financial results for the second quarter of 2011 of
revenue between $45 million and $47 million (due to "changes in
government incentives in the company's higher margin markets in
Europe as well as delays on a few projects that have been pushed
into the third quarter") with gross margins estimate "between 7%
and 11%, below the company's previously announced guidance of 17%
to 20%" due to the "lower revenue range, and the effects of the
slowdown in the European market" and that the Company was reducing
its workforce by 15%, the value of Satcon shares declined
significantly.
If you have suffered a net loss for all transactions in Satcon
Technology Corporation common stock during the Class Period, you
may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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