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7, CEO Daniel McGahn said the company is "awaiting our first substantive hearing in our trade secrets case.

During AMSC's fiscal first-quarter conference call Aug.

Decisive actions on their part will send a positive signal to the United States that China supports fair and mutually beneficial trade relations." Elizabeth Warren (D-Mass.) said: "I call on China to cooperate fully in ending these unlawful practices. Department of Justice indicted Sinovel and two of its employees, suggesting $800 million in criminal fines. They will help to determine whether China will protect the intellectual property rights of all companies - both foreign and domestic." AMSC's cases against Sinovel are the perfect litmus test for whether statements like these are rhetoric or reality. John Powell, AMSC's vice president and general counsel, said: "President Xi Jinping recently said that China will protect legitimate rights of foreign enterprises. AMSC challenged the Chinese government to handle the case with integrity. The purpose of the hearing was to establish jurisdiction, a necessary step to determine which court would eventually try the case.

On May 24 of this year, AMSC announced that China's Supreme Court has agreed to hear its claims.

Here's a quick recap of recent legal stirrings:

More than $1 billion in market value has been wiped out.Īpparently, the wheels of justice are finally starting to turn. Shares eventually plunged more than 90% from their 2009 peaks, which is where they stand today. Sinovel - and eventually the FBI - found a number of documents directly implicating several employees at both firms with bribery and theft of trade secrets.īut that legal effort appeared to go nowhere, and the $1.2 billion in damages sought seemed like more bark than bite.

AMSC cried foul, alleging that Sinovel simply stole the company's technology base, and sued Sinovel in September 2011 in four separate cases. Unfortunately, according to AMSC, Sinovel apparently decided to simply replicate AMSC's wind turbine operating software, and within a few quarters, orders began to dry up.

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That enabled AMSC to generate its first profits (and positive free cash flow) ever. Sales shot up from $52 million in fiscal 2007 to more than $300 million by fiscal 2010. It's a very competitive field, but when Sinovel, China's largest maker of wind turbines, signed up to be a customer, AMSC's future brightened.

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Those engineers developed a variety of hardware and software products that enable wind-powered turbines to operate in an extremely efficient manner.