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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Canadian Solar Inc.

^{Published on 2010-06-04 20:40:05 - Market Wire}
 

WAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/csiq ]) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ:CSIQ) during the period between March 3, 2010 and June 1, 2010, inclusive (the aClass Perioda).

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [ rmaniskas@rmclasslaw.com ] or visit: [ www.rmclasslaw.com/cases/csiq ].

The complaint, seeking to pursue remedies under the Securities Exchange Act of 1934, charges that defendants failed to disclose during the Class Period the following: (1) that the Company improperly recognized sales revenue; (2) that, as a result of this, the Company's financial results were overstated during the Class Period; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On June 1, 2010, after the market closed, the Company 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 Audit Committee of the Company's Board of Directors. The Company further disclosed that the investigation was launched after the Company received a subpoena from the United States Securities and Exchange Commission requesting documents from the Company relating to, among other things, certain sales transactions in 2009.

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.

If you are a member of the class, you may, no later than August 2, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: [ www.rmclasslaw.com/cases/csiq ], or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [ rmaniskas@rmclasslaw.com ]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: [ www.rmclasslaw.com ].