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KOL Appointed Co-Lead Counsel on behalf of a Class of Purchasers of Canadian Solar, Inc. Common Stock
On August 2, 2010, KOL filed a motion for appointment of Harry Tabak as Lead Plaintiff over the securities class action filed against Canadian Solar, Inc. (“Canadian Solar” or the “Company”) (NASDQ: CSIQ) and certain of its officers in the U.S. District Court for the Southern District of New York on behalf of investors who purchased the common stock of Canadian Solar between March 3,2010 through June 1, 2010.
On June 1, 2010, after the market closed, the Company disclosed that it hadreceived 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 Company also announced that its Audit Committee had retained outside counsel and independent forensic accountants to assist in reviewing, among other things, the transactions described in the subpoena. As a result, 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, 2010, and announced it would be updating preliminary first quarter operating results. In addition, the Company stated that it “may revise the 4Q09 net revenues numbers 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.
On September, 29, 2010, the Honorable Robert W. Sweet heard oral argument on Mr. Tabak’s motion and two other competing motions, as well as a motion by one of the competing movants to transfer the actions to the United States District Court for the Northern District of California. On December 18, 2010, the Court denied the motion to transfer the actions and appointed Mr. Tabak and his counsel as co-lead plaintiff and co-lead counsel, respectively. Lead Counsel expect to file a Consolidated Complaint by March 11, 2011.
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