Canadian Solar Inc
In August 2010, Siskinds LLP filed a $100 million class action under Ontario's new investor protection legislation (Part XXIII.1 of the Ontario Securities Act) against Canadian Solar Inc., as well as Canadian Solar's Chief Executive Officer and Chairman, Shawn Xiaohua Qu and its Chief Financial Officer, Arthur Chien. The action relates to Canadian Solar's reported financial results for 2009. It is alleged in the action that, in 2009, Canadian Solar prematurely recognized revenue in violation of generally accepted accounting principles.
The class action is brought on behalf of all persons, wherever they may reside, who purchased shares of Canadian Solar over a stock exchange during the period of May 26, 2009 to and including June 1, 2010 (the "class period").
The defendants have brought a motion to dismiss certain of the claims in the action on jurisdictional grounds. On August 29, 2011, the motion judge dismissed the defendants’ motion in its entirety. The defendants have appealed that decision to the Court of Appeal. The appeal will be heard on February 13, 2012.
If you purchased shares of Canadian Solar Inc., during the class period, please complete the online information form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds, nor do you incur any obligations in connection with the lawsuit. For further information concerning this action, please contact Nicole Young at 1-800-461-6166 ext. 2380 or e-mail Nicole by clicking on the Contact Us link below. Updates concerning this action will be posted above.