Two law firms have announced investigations into the practices of Canadian Solar (Nasdaq: CSIQ) after the company announced that the U.S. Securities and Exchange Commission (SEC) has issued a subpoena and 4Q09 earnings figures may be revised.
Hagens Berman Sobol Shapiro LLP said the announcement of the investigation and delayed reporting of earnings caused a decline in company stock during after-hours trading on Tuesday.
The law firm said it is investigating whether Canadian Solar misrepresented financial information to shareholders. It also said analysts are questioning why Canadian Solar’s customers returned shipped goods.
The Rosen Law Firm also is investigating allegations that Canadian Solar misrepresented the amount of revenue it earned in 2009.
Concerning returned products, the firm suggests Canadian Solar may have reported revenue from shipments for which it had not been paid. The firm is preparing a class-action lawsuit.
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Did your shares in CSIQ tank after news that the company allegedly provided misleading financial statements?
I work with some high-powered attorneys investigating Canadian Solar for SEC fraud. If you have information or would like to file a complaint against the company, here’s how to contact the attorney – http://www.hbsslaw.com/canadian-solar .