New York-listed Canadian Solar – a major international PV supplier which performs most of its manufacturing in China – issued nearly 7 million new shares in a follow-on offering in October 2009, raising $103.3m.
However, the following year a handful of class action lawsuits were filed against the company, chief executive Shawn Qu, and a former chief financial officer. Among other alleged financial improprieties, investors claimed the company had booked revenue for sales that hadn’t been finalised.
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