Akeena Solar, Inc. long term investors file lawsuit

“ Lawsuit on behalf of current long term investors in Akeena Solar, Inc. (NASDAQ:AKNS) shares – AKNS investors should contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com ”

mail@shareholdersfoundation.com

Share on            

Email Friend     Contact Author

(eFinanceWire.Org) – Long term investors in Akeena Solar, Inc. (Public, NASDAQ:AKNS) shares filed a lawsuit alleging breach of fiduciary duty.

If you are a current long term investor in Akeena Solar, Inc. (NASDAQ:AKNS) stock, you have certain options and should contact the Shareholders Foundation, Inc by email mail@shareholdersfoundation.com or call +1(858) 779 – 1554

Akeena Solar, Inc., located in Los Gastos, California, is a designer, integrator and installer of solar power systems, and a designer of solar panels with integrated microinverters (also referred as AC solar panels). According to the complaint filed the plaintiff alleges that certain of Akeena’s officers breached their fiduciary duty in connection with alleged materially false and misleading statements by Akeena between December 26, 2007 and March 13, 2008 regarding Akeena Solar’s sales, financial performance and condition. In December 2007 Akeena Solar announced that the credit-line increase, 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. Shares of Akeena Solar, Inc. (Public, NASDAQ:AKNS) traded recently at $0.822 per share, down from its 52weekHigh of $1.98 per share, and $15 per share in 2008.

Those who are current long term investors in Akeena Solar, Inc. (Public, NASDAQ:AKNS) stock, you have certain options and should contact the Shareholders Foundation, Inc by email mail@shareholdersfoundation.com or call +1(858) 779 – 1554