|
|
| Canadian Solar Securities Litigation | Canadian Solar,
| Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Canadian Solar, Inc., Announces An Expanded Class Period of May 26, 2009 - June 1, 2010 In The Shareholder Lawsuit
Los Angeles, CA - Glancy Binkow & Goldberg LLP – representing shareholders of Canadian Solar, Inc. – announces that the Class Period has been expanded in the shareholder lawsuit filed in the United States District Court for the Southern District of New York.
All persons or entities who purchased or otherwise acquired the securities of Canadian Solar, Inc. (“Canadian Solar” or the “Company”) (Nasdaq:CSIQ) between May 26, 2009 and June 1, 2010, inclusive (the “Class Period”), may move the Court not later than August 2, 2010, to serve as lead plaintiff; however, you must meet certain legal requirements.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Canadian Solar and certain of the Company’s executive officers with violations of federal securities laws. Canadian Solar is a vertically-integrated manufacturer of silicon, ingots, wafers, cells, solar modules (panels) and custom-designed solar power applications, which delivers solar power products to customers worldwide. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Canadian Solar’s business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that with respect to sales to certain customers, it was uncertain whether the Company would receive full cash payments; (2) that certain goods were subsequently returned after the quarter end; (3) that, as a result, the Company's financial results were overstated during the Class Period; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On June 1, 2010, after the market closed, the Company disclosed that it was postponing the release of its full financial results for the first quarter ended March 31, 2010, as a result of the commencement of an investigation by the Audit Committee of the Company's Board of Directors. The Company further disclosed that the investigation was launched after the Company received a subpoena from the United States Securities and Exchange Commission requesting documents from the Company relating to, among other things, certain sales transactions in 2009. According to Canadian Solar, the Audit Committee retained outside counsel and independent forensic accountants to assist in reviewing, among other things, the transactions described in the subpoena. The Company also disclosed that it may revise its net revenues numbers for the 2009 fiscal fourth quarter due to the company's intention to recognize sales only after receiving full cash payments from certain customers and due to certain subsequent return of goods after the quarter end.
The next day, as a result of this news, shares of Canadian Solar declined $1.69
per share, or 14.25%, to close on June 2, 2010, at $10.17 per share, on unusually heavy volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than August 2, 2010, to serve as lead plaintiff. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael Goldberg
(310) 201-9150 or (888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
|
|
| Glancy Binkow & Goldberg LLP | | 1801 Ave. of the Stars | | Suite 311 | | Los Angeles, CA 90067 | | tel: (310) 201-9150 | | fax: (310) 201-9160 | | info@glancylaw.com |
|
