Canadian Solar CSIQ Stock Purchasers File Securities Fraud Class Action Lawsuit Against Canadian Solar Inc. over Alleged Improper Recognition Of Sales Revenue.
A securities fraud class action lawsuit was filed against Canadian Solar, Inc. (CSIQ) on behalf of a class consisting of all those who purchased the common stock of Canadian Solar CSIQ between March 3, 2010 and June 1, 2010 (the “Class”) in the United States District Court for the Southern District of New York, alleging that Canadian Solar violated federal securities laws by issuing false and misleading financial information to investors, according to class action lawsuit news reports.
The Canadian Solar CSIQ securities fraud class action complaint reportedly alleges that Canadian Solar violated the Securities Exchange Act of 1934 by, among other things, failing to disclose that:
- that Canadian Solar improperly recognized sales revenue;
- that, as a result, the Canadian Solar’s financial results were overstated;
- that Canadian Solar lacked adequate internal and financial controls;
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