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If you purchased shares of SatCon Technology Corporation (NASDAQ: SATC), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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May 19, 2014 - The court held a final settlement hearing.
January 28, 2014 - The court preliminarily approved the settlement.
January 21, 2014 - Parties filed an amended stipulation of settlement.
December 20, 2013 - Parties filed a stipulation of settlement.
March 25, 2013 - The lead plaintiff filed a second amended consolidated complaint.
August 20, 2012 - Defendant filed a motion to dismiss.
June 25, 2012 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased SatCon Technology Corporation (NASDAQ: SATC) common shares between August 5, 2010 and August 10, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 5, 2010 and August 10, 2011.
April 19, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
September 19, 2012 - Lead plaintiff motions were filed.
July 19, 2011 - An investor in SatCon Technology Corporation (NASDAQ: SATC now trading on the OTC sheets as SATCQ) filed a lawsuit in U.S. District Court for the District of Massachusetts against SatCon Technology Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 4, 2010 and July 5, 2011.
According to the securities class action complaint the plaintiff alleges on behalf of investors who purchased common stock of SatCon Technology Corporation between March 4, 2010 and July 5, 2011, that SatCon Technology Corporation and certain of its officers violated the Securities Exchange Act of 1934 by issuing between March 4, 2010 and July 5, 2011 materially false and misleading statements.
While SatCon Technology Corporation’s annual Total Revenue rose from $33.03 million in 2007 to $173.30 million in 2010. It had to report over the past four years Net Losses ranging from $11.61 million to $29.96 million. Its first quarter quarterly Revenue rose from $14.73 million to $62 million, however, its first quarter Net Loss only decreased from $6.10 million to $2.14 million.
Shares of SatCon Technology Corporation (NASDAQ: SATC) rose from as low as $1.19 during February 2009 to as high as $5.13 in January 2011.
Then on July 5, SatCon Technology Corporation announced its preliminary unaudited results for revenue and gross margin for its second quarter ended June 30, 2011.
SatCon Technology Corporation said that based on preliminary financial data and subject to the final closing of its financial statements, SatCon Technology Corporation expects second-quarter 2011 revenue will be between $45 million and $47 million, compared with its previously announced guidance of $50 million to $60 million. The company also revised its gross margin estimate for the quarter, which is now expected to be between 7% and 11%, below SatCon Technology Corporation's previously announced guidance of 17% to 20%.
SatCon Technology Corporation also said that it conducted a global restructuring of its workforce that resulted in a 15% reduction in staff.
Shares of SatCon Technology Corporation (NASDAQ: SATC) fell on July 5, 2011 to as low as $1.91 per share and closed last week’s trading at $2.01 per share.