American Superconductor, a former star of the US clean energy sector, has missed a second deadline for filing its annual report to the securities regulator as it struggles to assess the impact of problems with its largest customer.
The company, which designs and services wind turbines, had previously warned that its reported revenues for the last three-quarters of its financial year ended in March 2011 might have to be restated and that it was carrying out a review of internal controls over financial reporting.
This follows its discovery of “a material weakness with respect to the administration of customer contracts in China”.
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