Canadian Solar lawsuit thrown out

Canadian Solar chief executive Shawn Qu

Canadian Solar chief executive Shawn Qu

A US district court has dismissed a class action lawsuit filed against Canadian Solar in 2010 alleging it had misled investors about its revenues in the run-up to a share issue in late 2009.

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.

In June 2010, the same month the lawsuits were filed, Canadian Solar announced it would postpone Log in to read complete article.

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