Jun 16 2010
Pomerantz Haudek Grossman & Gross LLP has charged Canadian Solar with securities fraud and has filed a lawsuit accordingly in the U.S. District Court for the Southern District of New York. This complaint alleges various violations under the Securities Exchange Act. Canadian Solar is one of the largest solar companies in the world that designs, manufactures as well as delivers solar system solutions and solar products for the off-grid and on-grid usage to customers, the world over.
The complaint claims that the financial results of Canadian Solar were overstated, certain products were returned only after the close of Q4 of 2009, the disclosure and internal controls of the company with regard to the revenue recognition policy of the company were found to be deficient, the company’s financial statements had not been presented in accordance with the generally accepted accounting principles of the United States.
The Pomerantz firm is known to be a leading firm in areas such as securities, corporate and also antitrust class litigation. Today, with more than 70 years of experience, the firm continues to fight for the rights corporate misconduct, breaches of fiduciary duty and securities fraud victims. Resultantly, the firm, on behalf of its clientele and class members, has won back multiple millions of dollars in damages awards.