Case Page

 

Case Status:    DISMISSED    
On or around 01/16/2014 (Other)

Filing Date: June 03, 2010

According to a press release dated June 4, 2010, the complaint was filed in the United States District Court for the Southern District of New York against Canadian Solar and certain of its officers and directors for violations of federal securities laws. The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose: (1) that with respect to sales to certain customers, it was uncertain whether the Company would receive full cash payments; (2) that certain goods were subsequently returned after the quarter end; (3) that, as a result, the Company's financial results were overstated during the Class Period; (4) that the Company lacked adequate internal and financial controls; and (5) 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 disclosed that the investigation was launched after it received a subpoena from the United States Securities and Exchange Commission requesting documents relating to, among other things, certain sales transactions in 2009. The Company also disclosed that it may revise its net revenues numbers for the 2009 fiscal fourth quarter.

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.

Similar, purported class action complaints have been filed in the U.S. District Courts for the Southern District of New York and the Northern District of California.

According to the Opinion signed by Judge Robert W. Sweet on December 22, 2010, the CSIQ Investor Group is appointed to serve as lead plaintiff, Hagens Berman Sobol Shapiro LLP is appointed lead counsel, Harry Tabak is appointed co-lead plaintiff and Berger & Montague, P.C., and Klafter Olsen & Lesser LLP are appointed co-lead counsel. Six putative class actions are also consolidated under a single action. On March 11, 2011, the lead plaintiffs filed a Consolidated Class Action Complaint. The defendants have responded by filing a motion to dismiss on May 13, 2011. The motion is currently pending before the Court.

On March 30, 2012, the Court issued the Opinion granting defendants' motion to dismiss. The complaint was dismissed with leave granted to replead within 20 days. On April 19, 2012, plaintiffs filed their amended complaint.

On March 27, 2013, the Court issued an Opinion granting the Defendants' motion to dismiss with prejudice. On April 26, Plaintiffs filed Notice of their appeal of the above Opinion.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CSIQ
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-04430
JUDGE: Hon. Robert W. Sweet
DATE FILED: 06/03/2010
CLASS PERIOD START: 03/03/2010
CLASS PERIOD END: 06/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  3. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-04430
JUDGE: Hon. Robert W. Sweet
DATE FILED: 03/11/2011
CLASS PERIOD START: 05/26/2009
CLASS PERIOD END: 06/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Hagens Berman Sobol Shapiro LLP (Berkeley)
    715 Hearst Avenue, Suite 202, Hagens Berman Sobol Shapiro LLP (Berkeley), CA 94710
    510.725.3000 510.725.3000 · info@hbsslaw.com
  3. Hagens Berman Sobol Shapiro LLP (New Seattle)
    1918 Eighth Ave. Suite 3300, Hagens Berman Sobol Shapiro LLP (New Seattle), WA 98101
    206.623.7292 206.623.0594 ·
  4. Hagens Berman Sobol Shapiro LLP (New York)
    One Penn Plaza, 36th Floor, Hagens Berman Sobol Shapiro LLP (New York), NY 01119
    212.752.5455 212.752.5455 · info@hbsslaw.com
  5. Klafter Olsen & Lesser LLP (Washington D.C.)
    1250 Connecticut Ave., N.W., Suite 200, Klafter Olsen & Lesser LLP (Washington D.C.), DC 20036
    202.261.3553 202.261.3553 ·
No Document Title Filing Date
No Document Title Filing Date
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