TORONTO, Aug.11, 2015 /CNW/ - The Plaintiff in a class action commenced in the Ontario Superior Court of Justice ("Court") against Canadian Solar Inc., Shawn Xiaohua Qu and Arthur Chien (the "Defendants") has been granted leave to commence an action under section 138.3 of the Ontario Securities Act.
The Plaintiff was granted leave to pursue claims in respect of alleged misrepresentations in Canadian Solar's financial statements for the fourth quarter of 2009 and in a Prospectus Supplement filed with the SEC on October 15, 2009, which the Plaintiff says resulted from material weaknesses in Canadian Solar's internal control over financial reporting at the material time which were not disclosed.
The Plaintiff had initially been granted leave in a decision by the Court on September 9, 2014. A motion by the Defendants for leave to appeal the Court's decision was denied on July 6, 2015.
SOURCE Siskinds LLP
For further information: Additional information may be found by visiting http://www.siskinds.com/canadian-solar-inc/ or by contacting Nicole Young at 1-800-461-6166, ext 2380.