A Chinese energy firm offered big money and access to women to entice an engineer at a U.S. company to launch a cyber raid on his employer, stealing sensitive computer codes and “thereby cheating (the firm) … out of more than $800 million…” An Austrian court has convicted American Superconductor’s rogue employee, Dejan Karabasevic, and already sentenced him to a year in jail and two years of probation. He sold trade secrets to Chinese wind turbine maker Sinovel. American Superconductor is now able to reveal some of what happened to so damage the company and its stock.
Karabesevic sold the companies unencrypted software code for $1 million and the promise of women.
AMSC revenues dropped 90% to only $9 million in the first quarter compared with a restated $97 million in Q1 2010. That matches the 90% drop in the stock price from 44 in January 2010 to under 5 right now. Sinovel went public on Jan. 13, 2011 just as its own growth was slowing. Its stock has traded in a range from 45 to a low of 22 this week in U.S. dollars. In other words, it too has dropped by half.
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