NEW ORLEANS, July 20, 2010 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") (www.ksfcounsel.com%26index=1%26md5=3c9bb8532b24f5ebcbf5166fcff154c4">www.ksfcounsel.com) announces that investors have only until August 2, 2010 to inquire about this case and/or apply for lead plaintiff in a securities class action lawsuit filed in the U.S. District Court for the Southern District of New York and the Northern District of California on behalf of shareholders against Canadian Solar, Inc. (Nasdaq:CSIQ).
It is alleged that 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.
If you are a Canadian Solar shareholder who has suffered losses on your investment and would like to discuss your legal rights as class members and/or apply for lead plaintiff, you may, prior to August 2, 2010, e-mail or call KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877/694-9510, or via cell phone 330/860-4092, or KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free 1-866-467-1400, ext. 200, after hours via cell phone 504-301-7900, without obligation or cost to you. KSF attorneys have significant experience in representing both institutional and individual shareholders in securities fraud litigation nationwide.
The case against Canadian Solar seeks to represent three classes of investors who purchased CSIQ shares during the Class Period from October 13, 2009 to June 1, 2010. The three classes of investors include:
A class for all investors who acquired CSIQ shares traceable to the company's false and misleading October 2009 registration statement form (strict liability);
A class for all investors who acquired CSIQ shares traceable to the company's false and misleading October 2009 prospectus (negligence); and
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 or class member client of KSF. To serve as a lead plaintiff in this class-action lawsuit, you must move the Court no later than August 2, 2010.
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.
To learn more about KSF, you may visit www.ksfcounsel.com%26index=1%26md5=3c9bb8532b24f5ebcbf5166fcff154c4">www.ksfcounsel.com. KSF is a law firm focused on securities class action litigation with offices in Louisiana and New York. KSF's lawyers have many years of experience litigating complex securities class actions and have recovered millions of dollars for aggrieved investors. KSF puts a premium in litigating complex class action cases in order to maximize shareholder recovery.