mail@shareholdersfoundation.com
A deadline is coming up soon in the lawsuit on behalf of investors of Canadian Solar Inc. (NASDAQ:CSIQ)
If you who purchased common stock of Canadian Solar Inc. (NASDAQ: CSIQ) between October 13, 2009 and June 1, 2010, you have certain options and there are still the same strict and short deadlines running. Deadline: August 02, 2010. Those CSIQ shareholders should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
According to the complaints the plaintiffs allege that Canadian Solar Inc. and certain of its executive officers violated federal securities laws by knowing or recklessly disregarding between October 13, 2009 and June 1, 2010, that their public statements concerning Canadian Solar's business, operations and prospects were materially false and misleading. The complaint with the expanded time frame allege now also that Canadian Solar overstated its revenues and concealed necessary information about the company’s business operations ahead of the $100 million plus October 2009 offering of common stock. Canadian Solar Inc. reported in 2007 Total Revenue of $302.80million, in 2008 $705.01million, and in 2009 $664.76million.
Then on June 1, 2010, Canadian Solar postponed the release of its full financial results for the first quarter ended March 31, 2010 and its quarterly conference call, scheduled for June 2, as a result of the commencement of an investigation by its audit committee. The investigation was reportedly launched after Canadian Solar received a subpoena from the United States Securities and Exchange Commission (SEC) requesting documents from Canadian Solar relating to, among other things, certain sales transactions in 2009. Canadian Solar further announced that it may have to revise earnings from the fourth quarter 2009, based on an accounting change being made 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 Company’s June 1, 2010 press release stated, in part, the following: “ The investigation was launched after the Company received a subpoena from the Securities and Exchange Commission (“SEC”) requesting documents from the Company relating to, among other things, certain sales transactions in 2009. The Audit Committee has retained outside counsel and independent forensic accountants to assist in reviewing, among other things, the transaction described in the subpoena.” On this news, so the lawsuit, Canadian Solar's stock price (CSIQ) declined. Shares of Canadian Solar Inc. (CSIQ) traded recently at $13.23 per share, down from its 52weekHigh of $33.68 per share, and over $45 per share in 2008.
Those who purchased common stock of Canadian Solar Inc. (NASDAQ: CSIQ) between October 13, 2009 and June 1, 2010, have certain options and there are still the same strict and short deadlines running. Deadline: August 02, 2010. Those CSIQ shareholders should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
