SAN FRANCISCO, July 7, 2010 (GLOBE NEWSWIRE) -- Hagens Berman announced today that it filed a new class-action lawsuit on behalf of shareholders against Canadian Solar, Inc. (Nasdaq:CSIQ) in California, where the company's sole U.S. operations exist and where most witnesses reside. The lawsuit identified new claims and new classes based on an independent investigation undertaken by the law firm.
The complaint filed in the U.S. District Court for the Northern District of California this week, alleged Canadian Solar overstated its revenues and concealed necessary information about the company's business operations ahead of the $100 million plus October 2009 offering of common stock. Defendants include Canadian Solar senior officers, Arthur Chien and Shawn Qu, who allegedly authorized recorded revenues from fictitious sales transactions and failed to properly account for product returns in 2009, in the registration statements, prospectus and other documents. As a result, the company sold CSIQ shares to investors at inflated prices.
The new complaint, which can be found at www.hbsslaw.com/canadian-solar, seeks to represent three classes of investors who purchased CSIQ shares during the revised Class Period from October 13, 2009 to June 1, 2010. The three classes of investors include:
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A class for all investors who acquired CSIQ shares traceable to the company's false and misleading October 2009 registration statement form (strict liability);
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A class for all investors who acquired CSIQ shares traceable to the company's false and misleading October 2009 prospectus (negligence); and
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A class of all investors who purchased CSIQ shares on or after October 13, 2009 (fraud).
Investors who fall within one of these classes may be eligible to participate in the class-action lawsuit as a lead plaintiff. To serve as a lead plaintiff in this class-action lawsuit, you must move the Court no later than August 2, 2010. Any investor who purchased CSIQ shares during the Class Period may move the Court to serve as lead plaintiff through the counsel of their choice. Investors also may choose to do nothing and remain an absent class member.
If you have significant losses from the October offerings or would like to discuss your legal rights and move to be a lead plaintiff, you may contact Reed Kathrein, Managing Partner of the Hagens Berman San Francisco office, without obligation or cost to you, at 510-725-3000, or by e-mail at csiq@hbsslaw.com. Hagens Berman also welcomes any information you may have that would advance the investigation.
To learn more about Hagens Berman, please visit www.hbsslaw.com, or visit our law blog at www.meaningfuldisclosure.com.
About Hagens Berman
Hagens Berman LLP is a shareholder-rights class-action law firm with offices in San Francisco, Seattle, Chicago, Boston, Los Angeles, and Phoenix. Since 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com.