Akeena Solar Inc. Investors Class Action Lawsuit 05/18/2009
SEPTEMBER 2011 - According to the Notice:
Securities and Time Period: Akeena Solar common stock (“common stock” or “shares”) purchased or otherwise acquired between December 26, 2007 and March 13, 2008, inclusive (the “Class Period”).
Settlement Fund: $4,770,000 in cash. Your recovery will depend on the number of shares of Akeena Solar common stock you purchased or otherwise acquired between December 26, 2007 and March 13, 2008, inclusive, and the timing of your purchases, acquisitions, and any sales. If claims are submitted for 100% of eligible Akeena Solar shares, the estimated average recovery per share will be approximately $0.31 before deduction of Court-approved fees and expenses.
Class: The Court has certified a Class of all Persons who purchased or otherwise acquired Akeena Solar common stock between December 26, 2007 and March 13, 2008, inclusive. Excluded from the Class are Defendants, officers, directors and board advisors of Akeena Solar, members of their immediate families, and their legal representatives, heirs, successors, or assigns, and any entity in which Defendants have or had a controlling interest. Also excluded from the Class are those Persons who otherwise satisfy the above requirements for membership in the Class, but who timely and validly request exclusion from the Class pursuant to this Notice.
Reasons for Settlement: Avoids the costs and risks associated with continued litigation, including the danger of no recovery, and provides a benefit to the Class now.
AUGUST 2011 - Akeena Solar Inc. is putting the final touches on a class action settlement to resolve claims that the company deceived investors in order to inflate its stock price.
MAY 2009 - 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.