SEATTLE, June 10, 2010 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro today announced a class-action lawsuit has been filed against Canadian Solar, Inc. on behalf of investors who purchased the common stock of Canadian Solar Inc. (Nasdaq:CSIQ) between March 3, 2010 and June 1, 2010 (the "Class Period").
The lawsuit, filed in U.S. District Court for the Southern District of New York, which is based on a June 1, 2010 press release of the company admitting that the SEC has issued subpoenas relating to 2009 sales transactions and alleges that Canadian Solar, Arthur Chien and Shawn Qu made false and/or misleading statements and/or failed to disclose information that made the company's financial statements materially false and misleading at all relevant times.
If you wish to serve as lead plaintiff in this class-action lawsuit, you must move the Court no later than August 2, 2010. Any investor who purchased during the Class Period may move the Court to serve as lead plaintiff through counsel of their choice. Investors also may choose to do nothing and remain an absent class member.
If you wish to move the Court to be a lead plaintiff, Hagens Berman urges you to carefully evaluate any firm you may consider to represent your interests in the Canadian Solar CSIQ class action.
While Hagens Berman has not filed suit and an additional action is not needed for an investor to apply to lead the action, the firm is currently conducting a thorough and detailed investigation of Canadian Solar and is discussing the case with interested investors who are encouraged to call for consultation.
The law permits investors or group of investors (who apply by August 2, 2010 and have the largest losses of the applicants) to select counsel of their choice to prosecute any securities fraud class action filed against Canadian Solar for the above described events. Critical criteria investors should consider when evaluating a law firm's ability to successfully prosecute this action and obtain a strong recovery, include its reputation, experience, resources, and lawyers available for the Canadian Solar action in particular, and the quality of the firm's work.
If you would like to discuss your legal rights or move to be a lead plaintiff, you may e-mail or call 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 help the investigation.
To learn more about Hagens Berman, you may visit www.hbsslaw.com, or visit our law blog at www.meaningfuldisclosure.com or you may search "Hagens Berman appointed" on any search engine. Hagens Berman is a law firm focused on complex litigation including securities fraud class action litigation with offices in Seattle, Boston, Chicago, Los Angels, Phoenix and San Francisco.