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In August 2010, Siskinds LLP filed a $100 million 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 is being sent to class members, who have until January 15, 2016 to opt-out of the proceeding. For more information on the opt-out process, please see the Certification Notice. The French version of the notice is available here.

The action is currently in the discovery phase. More information will be available as the action progresses.

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?

Yes. After the class action is certified, you will be given an opportunity to opt-out (exclude yourself from the class action). If you opt-out, you will not be able to participate in any settlement or court award achieved in the class action, but you will be able to pursue your claim on an individual basis. Generally speaking, you would only want to opt-out of a class action if you intend to bring individual litigation. In most circumstances, it is more cost effective to participate in a class action because the legal costs are spread over a large number of people, making it more economic for any individual class member to obtain relief.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep any documents that you have relating to this litigation, including any documents evidencing your transactions in the issuer’s securities.
  2. Register to receive updates on this case by filling out the form below.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

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 is being sent to class members, who have until January 15, 2016 to opt-out of the proceeding. For more information on the opt-out process, please see the Certification Notice. The French version of the notice is available here.

The action is currently in the discovery phase. More information will be available as the action progresses.

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?

Yes. After the class action is certified, you will be given an opportunity to opt-out (exclude yourself from the class action). If you opt-out, you will not be able to participate in any settlement or court award achieved in the class action, but you will be able to pursue your claim on an individual basis. Generally speaking, you would only want to opt-out of a class action if you intend to bring individual litigation. In most circumstances, it is more cost effective to participate in a class action because the legal costs are spread over a large number of people, making it more economic for any individual class member to obtain relief.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep any documents that you have relating to this litigation, including any documents evidencing your transactions in the issuer’s securities.
  2. Register to receive updates on this case by filling out the form below.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

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