SOURCE: Izard Nobel LLP

June 11, 2010 13:50 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Canadian Solar, Inc.

WEST HARTFORD, CT--(Marketwire - June 11, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status 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) between May 26, 2009 and June 1, 2010, inclusive (the "Class Period").

The Complaint charges that Canadian Solar and certain of its officers and executives violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following facts: (i) the Company improperly recognized sales revenue; (ii) Canadian Solar's financial results were overstated during the Class Period; (iii) that Canadian Solar lacked adequate internal and financial controls; and (iv) as a result, the Company's financial statements were materially false and misleading at all relevant times.

On June 1, 2010, Canadian Solar announced it was postponing the release of its full financial results for the first quarter 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 Canadian Solar received a subpoena from the United States Securities and Exchange Commission requesting documents relating to, among other things, certain sales transactions in 2009.

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 class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/canadiansolar/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

Contact Information

  • CONTACT:
    Nancy A. Kulesa or Wayne Boulton
    (800) 797-5499
    www.izardnobel.com
    Email Contact