MINNEAPOLIS, June 2, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Akeena Solar, Inc. ("Akeena" or the "Company") (Nasdaq:AKNS) publicly traded securities during the period December 26, 2007 through March 13, 2008 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before July 17, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Akeena and certain of its officers and directors violated federal securities laws by making materially false and misleading statements regarding the Company's sales, financial performance and condition. Defendants failed to disclose the following facts: 1) the backlog number the Company had previously reported was unreliable; 2) Akeena's gross profit margins were declining; 3) the Company's net losses were dramatically increasing; and 4) the $17.5 million "increase" in Akeena's credit line announced on December 26, 2007 was merely a cash collateralization agreement which simply increased the Company's restricted cash.
When the truth was finally revealed, Akeena's common stock, which had traded as high as $16.80 on January 7, 2008, fell to a close of $6.15 per share on March 13, 2008.
If you purchased Akeena Solar, Inc. during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com)
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
(651) 633-5685