Akeena Solar, Inc. AKNS Securities Stock Fraud
Company: Akeena Solar, Inc.
Ticker Symbol: AKNS
Class Period: Dec-26-07 to Mar-6-08
Date Filed: May-18-09
Lead Plaintiff Deadline: Jul-17-09
Court: Northern District of California
On Monday, May 18, 2009, a shareholder in Akeena Solar Inc., (Akeena) filed a proposed securities class action lawsuit in the US District Court for the Northern District of California against Akeena over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that Akeena 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 made a series of negative disclosures to the market. 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 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 6 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 markets, sells, designs and installs systems for residential and commercial customers. Akeena 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 were down to $1.19 per share from a 52-week High of $7.95 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Akeena Solar, Inc. securities class action lawsuit. Please click on title above to submit complaint for evaluation;