NEW YORK, June 19, 2010 (GLOBE NEWSWIRE) -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of Canadian Solar, Inc. ("Canadian Solar" or the "Company") (Nasdaq:CSIQ) common stock between May 26, 2009 and June 1, 2010, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
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.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Canadian Solar common stock between May 26, 2009 through June 1, 2010, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at: www.faruqilaw.com
If you purchased Canadian Solar common stock during the Class Period, you may, not later than August 2, 2010, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact: