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

^{Published on 2010-06-23 14:16:26 - Market Wire}
 

WAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/csiq ]) announces that it has commenced a class action 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 May 26, 2009 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 charges Canadian Solar and certain of its officers and directors with violations of Securities Exchange Act of 1934. Canadian Solar, together with its subsidiaries, engages in the design, development, manufacture, and marketing of solar cell and solar module products that convert sunlight into electricity for various uses in Canada and internationally. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning the Companya™s financial performance were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements failed to disclose or indicate the following: (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, 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 ].