SEATTLE, June 2, 2010 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP (www.hbsslaw.com) today announced it is investigating Canadian Solar (Nasdaq:CSIQ) for potentially misrepresenting financial information to shareholders following the delay of first quarter earnings as a result of a Securities and Exchange Commission investigation into 2009 company sales.
The SEC issued a subpoena to Canadian Solar that launched the investigation which is leading analysts to question why the global manufacturer's customers returned shipped goods. The announcement of the investigation prompted a decline in company stock during after-hours trading on Tuesday, June 1, 2010.
Canadian Solar was scheduled to release its first quarter results in the pre-market on Wednesday, June 2, 2010, but instead announced the delay and reported that the company may have to revise earnings from the fourth quarter 2009, based on changes in revenue due to the return of shipped goods during the first quarter.
The solar company also reported that sales transactions would be deferred to the first two quarters of 2010 and that the full year 2009 net revenue may also need to be revised. Reports also show a decrease in second quarter shipments from the previous shipment forecast and a sharp contrast to suggestive quarter over quarter growth.
HBSS is investigating the tactics used by Canadian Solar and whether the company fairly disclosed risks to potential investors. HBSS is also concerned about what is instigating the sales decline and why customers returned previously purchased goods.
Investors who purchased shares of Canadian Solar common stock between March 3, 2010 and June 1, 2010 may contact our firm about our investigation or provide information concerning this investigation. Contact counsel, Reed Kathrein of Hagens Berman at 510-725-3000 or via e-mail at csiq@hbsslaw.com.
Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San Francisco, Los Angeles, Boston, Chicago and Phoenix, is active in major litigation pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Hagens Berman Web site (www.hbsslaw.com) has more information about the firm.