| Company: | Canadian Solar, Inc. |
| Ticker Symbol: | CSIQ |
| Class Period: | May-26-09 to Jun-1-10 |
| Date Filed: | Jun-21-10 |
| Lead Plaintiff Deadline: | Aug-20-10 |
| Court: | Southern District of New York |
| Allegations: | |
Canadian Solar and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose: (1) the Company's Financial results were overstated during the Class Period as the Company recorded revenue from sales for which it had not been paid; (2) that the Company had not properly accounted for certain goods that had been returned after the end of the fourth quarter of 2009; (3) the Company lacked adequate internal and financial controls; and (4) that, as a result of the above, the Company's financial statements were material false and misleading at all relevant times.
On June 1, 2010, Canadian Solar 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 SEC. Moreover, the Company's Audit Committee of the Board of Directors retained outside counsel and independent forensic accountants to assist in reviewing the transactions referenced above. The Company also disclosed that it may revise its net revenue numbers for the 2009 fiscal fourth quarter. These revelations shocked the market, sending shares of Canadian Solar down over 14% on June 2, 2010 alone.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
