NEW YORK, June 2, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Canadian Solar Inc. (Nasdaq:CSIQ) ("Canadian Solar" or the "Company") resulting from allegations that the Company may have issued materially inaccurate financial statements to the investing public between March 3, 2010 and June 1, 2010.
On June 1, 2010, Canadian Solar issued a press release stating that it had received a subpoena from the SEC requesting documents pertaining to certain sales transactions in 2009. The press release suggested that the Company had recorded revenue from sales for which it had not been paid, and that certain goods had been returned after the end of the quarter. Canadian Solar also reported the commencement of an investigation by the Audit Committee of the Company's Board of Directors. The Company announced that it may revise its previously reported revenues for 4Q09 and the 2009 fiscal year. As a result of the investigation, Canadian Solar postponed both the release of its 1Q2010 financial results and its quarterly conference call. As a result of these and related adverse disclosures, Canadian Solar's share price has dropped substantially, damaging shareholders.
If you purchased Canadian Solar stock, you have important legal rights that may form the basis of a claim for damages against the Company for issuing inaccurate financial statements and related misstatements.
The Rosen Law Firm is preparing a class action lawsuit on behalf of Canadian Solar investors. If you purchased Canadian Solar stock between March 3, 2010 and June 1, 2010 and would like further information about your rights, please contact Laurence Rosen, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com, or pkim@rosenlegal.com. You can also go to our website at www.rosenlegal.com and join the proposed class action.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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