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Akeena Solar Inc. Investors Class Action Lawsuit 05/18/2009

 

If you purchased Akeena Solar, Inc common stock (NASDAQ: AKNS) during the period beginning December 26, 2007 through March 13, 2008, you have certain options and there are strict and short deadlines running. Deadline: July 17, 2009. You should contact the Shareholders Foundation, Inc. immediately!

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
Akeena Solar
Case Name: 
Akeena Solar Inc. Investors Class Action Lawsuit 05/18/2009
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: AKNS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/18/2009
Class Period Begin: 
12/26/2007
Class Period End: 
03/13/2008
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
07/17/2009
Summary: 

On Monday, May 18, 2009, an investor in Akeena Solar, Inc. (NASDAQ: AKNS) shares has filed a proposed securities class action lawsuit in the U.S. District Court for the Northern District of California against Akeena Solar, Inc. over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Akeena Solar, Inc and certain of its officers violated the Securities Exchange Act of 1934 by issuing between December 26, 2007 and March 13, 2008 materially false and misleading statements regarding Akeena Solar’s sales, financial performance and condition. Then Akeena Solar made a series of negative disclosures to the market, so the lawsuit: Akeena revealed that the credit-line increase announced on December 26, 2007, contained a cash collateral requirement equaling the amount of the extension. Then Akeena Solar reported that its 4Q 2007 sales had significantly missed the sales "backlog" Akeena confirmed existed at the end of its 3Q 2007. And then on March 13, 2008, Akeena finally revealed that actual losses incurred in its 4Q 2007, which had already ended on December 31, 2007, were significantly higher. Its newly-appointed Chief Financial Officer also revealed that his predecessor had been booking as "backlog" every new installation contract, regardless of whether the customer intended to take delivery within six months or the status of the customer's financing.

As a result of these disclosures, Akeena's common stock, which had traded as high as $16.80 on January 7, 2008, fell to $6.15 per share on March 13, 2008. Akeena Solar, Inc. is a designer, integrator and installer of solar power systems. Akeena Solar markets, sells, designs and installs systems for residential and commercial customers. Akeena Solar is locared in Los Gatos, California and hat $32.21million in total revenue in 2007 and $40.76million in total revenue in 2008. Shares of Akeena Solar, Inc. (NASDAQ: AKNS) were down to $1.19 per share from a 52weekHigh of $7.95 per share.

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