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In August 2010, Siskinds LLP filed a secondary market class action against Canadian Solar Inc., as well as Canadian Solar's Chief Executive Officer and Chairman, Shawn Qu, and its former Chief Financial Officer, Arthur Chien.

The class action alleges that Canadian Solar’s financial statements for the 2009 financial year did not comply with GAAP and that there were material weaknesses in Canadian Solar’s internal control over financial reporting during 2009.

The action is brought on behalf of all persons, wherever they may reside or be domiciled, who acquired securities of Canadian Solar in the secondary market during the period from May 26, 2009 to June 1, 2010 (the “class period”), except for certain persons associated with the defendants. If you purchased shares of Canadian Solar Inc., during the class period, please complete the form below to receive updates. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds, nor do you incur any obligations in connection with the lawsuit.

Developments

On August 29, 2011, the Ontario Superior Court of Justice dismissed a motion by the defendants seeking to dismiss certain aspects of the plaintiff’s claims on jurisdictional grounds. On March 30, 2012, the motion judge’s decision was upheld on appeal to the Ontario Court of Appeal. The defendants were also denied leave to appeal to the Supreme Court of Canada. On September 9, 2014, the Ontario Superior Court of Justice granted leave to the plaintiff to proceed with an action under Part XXIII.1 of the Ontario Securities Act with respect to certain of the claims. On January 5, 2015, the court also certified the action as a class proceeding. The action has been certified on behalf of the following classes:

  • all persons, wherever they may reside or be domiciled, who acquired securities of Canadian Solar in the secondary market during the period from the opening of trading on the NASDAQ on October 15, 2009 to the close of trading on the NASDAQ on June 1, 2010, and who continued to hold some or all of those securities at the close of trading on the NASDAQ on June 1, 2010, except for certain “excluded persons” associated with the defendants; and
  • all persons, wherever they may reside or be domiciled, who were registered or beneficial securityholders of Canadian Solar at any time during the period from the opening of trading on the NASDAQ on May 26, 2009 to the close of trading on the NASDAQ on June 1, 2010, and who continued to hold securities of Canadian Solar at the close of trading on the NASDAQ on June 1, 2010, except for certain “excluded persons” associated with the defendants.

Notice of certification was sent to class members, who had until January 15, 2016 to opt-out of the proceeding. For more information on the opt-out process, please see the Certification Notice (English, French).

On July 8, 2020, the parties reached a settlement of the action following a mediation, which was approved by the Ontario Superior Court of Justice on October 30, 2020. A copy of the Settlement Approval Order may be found here.

Class members may contact the claim administrator regarding the settlement approval by:

Telephone, toll-free: 1.833.683.5858
E-mail: [email protected].

For more information on the approved settlement, who is eligible to make a claim, and how to make a claim, please see the Long Form Settlement Approval  (English, French). You may also visit the Claims Administrator's website at https://www.canadiansolarsettlement.ca

FAQs

Who is affected by this class action?

You are affected by this class action and a member of the class if you:

  • acquired securities of Canadian Solar in the secondary market during the period from the opening of trading on the NASDAQ on October 15, 2009 to the close of trading on the NASDAQ on June 1, 2010, and continued to hold some or all of those securities at the close of trading on the NASDAQ on June 1, 2010 (provided that you are not an “excluded person”); or
  • were a registered or beneficial securityholder of Canadian Solar at any time during the period from the opening of trading on the NASDAQ on May 26, 2009 to the close of trading on the NASDAQ on June 1, 2010, and continued to hold securities of Canadian Solar at the close of trading on the NASDAQ on June 1, 2010 (provided that you are not an “excluded person”).

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action).

Can I exclude myself from the class action?

No. Opt-out period ended on January 15, 2016. Click here to view the Notice.

I still have a question. Who should I contact?

Class members may contact the claim administrator by phone (toll-free)  1.833.683.5858 or by email [email protected].

You may also visit the Claims Administrator's website at https://www.canadiansolarsettlement.ca

Documents

On August 29, 2011, the Ontario Superior Court of Justice dismissed a motion by the defendants seeking to dismiss certain aspects of the plaintiff’s claims on jurisdictional grounds. On March 30, 2012, the motion judge’s decision was upheld on appeal to the Ontario Court of Appeal. The defendants were also denied leave to appeal to the Supreme Court of Canada. On September 9, 2014, the Ontario Superior Court of Justice granted leave to the plaintiff to proceed with an action under Part XXIII.1 of the Ontario Securities Act with respect to certain of the claims. On January 5, 2015, the court also certified the action as a class proceeding. The action has been certified on behalf of the following classes:

  • all persons, wherever they may reside or be domiciled, who acquired securities of Canadian Solar in the secondary market during the period from the opening of trading on the NASDAQ on October 15, 2009 to the close of trading on the NASDAQ on June 1, 2010, and who continued to hold some or all of those securities at the close of trading on the NASDAQ on June 1, 2010, except for certain “excluded persons” associated with the defendants; and
  • all persons, wherever they may reside or be domiciled, who were registered or beneficial securityholders of Canadian Solar at any time during the period from the opening of trading on the NASDAQ on May 26, 2009 to the close of trading on the NASDAQ on June 1, 2010, and who continued to hold securities of Canadian Solar at the close of trading on the NASDAQ on June 1, 2010, except for certain “excluded persons” associated with the defendants.

Notice of certification was sent to class members, who had until January 15, 2016 to opt-out of the proceeding. For more information on the opt-out process, please see the Certification Notice (English, French).

On July 8, 2020, the parties reached a settlement of the action following a mediation, which was approved by the Ontario Superior Court of Justice on October 30, 2020. A copy of the Settlement Approval Order may be found here.

Class members may contact the claim administrator regarding the settlement approval by:

Telephone, toll-free: 1.833.683.5858
E-mail: [email protected].

For more information on the approved settlement, who is eligible to make a claim, and how to make a claim, please see the Long Form Settlement Approval  (English, French). You may also visit the Claims Administrator's website at https://www.canadiansolarsettlement.ca

Who is affected by this class action?

You are affected by this class action and a member of the class if you:

  • acquired securities of Canadian Solar in the secondary market during the period from the opening of trading on the NASDAQ on October 15, 2009 to the close of trading on the NASDAQ on June 1, 2010, and continued to hold some or all of those securities at the close of trading on the NASDAQ on June 1, 2010 (provided that you are not an “excluded person”); or
  • were a registered or beneficial securityholder of Canadian Solar at any time during the period from the opening of trading on the NASDAQ on May 26, 2009 to the close of trading on the NASDAQ on June 1, 2010, and continued to hold securities of Canadian Solar at the close of trading on the NASDAQ on June 1, 2010 (provided that you are not an “excluded person”).

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action).

Can I exclude myself from the class action?

No. Opt-out period ended on January 15, 2016. Click here to view the Notice.

I still have a question. Who should I contact?

Class members may contact the claim administrator by phone (toll-free)  1.833.683.5858 or by email [email protected].

You may also visit the Claims Administrator's website at https://www.canadiansolarsettlement.ca