Akeena Solar Inc (NASDAQ: AKNS) Investor Securities Class Action Lawsuit 05/18/2009

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Company Name(s): 
Akeena Solar
Case Name: 
Akeena Solar Shareholder Class Action Lawsuit 05/18/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
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
Date Settled: 
09/15/2011
Settlement Amount: 
$4,770,000
Deadline to Participate in Settlement: 
12/19/2011
Summary: 

December 15, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorney's fees and expenses, and dismissed the action with prejudice.

December 12, 2011 - The court held a final settlement hearing.

September 15, 2011 - The court preliminarily approved the settlement.

August 25, 2011 - Parties filed a stipulation of settlement.

May 20, 2010 - The court denied the defendants' motion to dismiss.

February 12, 2010 - Defendants filed a motion to dismiss.

December 11, 2009 - Lead plaintiffs filed an amended complaint.

October 21, 2009 - Lead plaintiffs and lead counsel were appointed.

July 17, 2009 - Lead plaintiff motions were filed.

May 18, 2009 - An investor in shares of Akeena Solar Incorporated (NASDAQ: AKNS) filed a lawsuit in the U.S. District Court for the Northern District of California against Akeena Solar Incorporated over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 26, 2007 and March 13, 2008.

According to the complaint, the plaintiff alleges that Akeena Solar Incorporated and certain of its officers violated the Securities Exchange Act of 1934 by issuing false and misleading statements regarding Akeena Solar Incorporated’s sales, financial performance and condition between December 26, 2007 and March 13, 2008. Akeena Solar Incorporated made a series of negative disclosures to the market, so the lawsuit against Akeena Solar Incorporated revealed that the credit-line increase announced on December 26, 2007, contained a cash collateral requirement equaling the amount of the extension. Akeena Solar Incorporated reported that its 4Q 2007 sales had significantly missed the sales "backlog" Akeena Solar Incorporated confirmed existed at the end of its 3Q 2007. On March 13, 2008, Akeena Solar Incorporated 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 Solar Incorporated'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 Incorporated is a designer, integrator and installer of solar power systems. Akeena Solar Incorporated markets, sells, designs and installs systems for residential and commercial customers. Akeena Solar Incorporated is located in Los Gatos, California and had $32.21 million in total revenue in 2007 and $40.76 million in total revenue in 2008. Shares of Akeena Solar Incorporated (NASDAQ: AKNS) were down to $1.19 per share from a 52 week high of $7.95 per share.