Goldfarb Branham Law Firm Investigates Akeena Solar for Investors
June 17 2010 - 5:27PM
Business Wire
Goldfarb Branham is investigating certain officers and directors
at Akeena Solar, Inc. (NASDAQ: AKNS) for shareholders of the
company because of allegedly false and misleading statements made
about Akeena’s financial condition. Shareholders who purchased
Akeena stock on or before December 26, 2007, are encouraged to
contact attorney Hamilton Lindley at 877-583-2855 or by email at
hlindley@goldfarbbranham.com for more information.
According to a class action complaint filed against the company,
Akeena Solar concealed for a year that a purported increase in a
credit line from $7.5 million to $25 million was a mere cash
collateralization agreement, whereby Akeena Solar agreed to
maintain a cash deposit of the same amount. Akeena then reported it
had significantly missed the sales backlog by more than 20%. When
the truth emerged, Akeena’s stock price plummeted, erasing tens of
millions of dollars in market capitalization.
Goldfarb Branham is investigating a derivative lawsuit against
company executives for allowing this scheme to occur. Derivative
lawsuits often lead to restored confidence in companies involved in
financial scandal and a resulting increase in shareholder value. If
you purchased Akeena Solar stock prior to December 26, 2007 and
continue to hold those shares, contact attorney Hamilton Lindley at
877-583-2855 or hlindley@goldfarbbranham.com for more details.
Goldfarb Branham lawyers have significant experience working on
important derivative cases that have resulted in substantial
recoveries benefiting shareholders.
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