A securities class action complaint was filed against Canadian Solar (NASDQ:CSIQ) and certain of its officers on behalf of investors who purchased the common stock of the Company between March 3, 2010 and June 1, 2010. However, the Berger Firm believes that investors who purchased shares of Canadian Solar on or after November 17, 2009 may have claims against the Company.

Canadian Solar disclosed, after the close of the market on June 1, 2010, that it received a Securities and Exchange Commission ("SEC") subpoena. The SEC subpoena requested documents from Canadian Solar relating to certain sales transactions in 2009. The Company disclosed that its Audit Committee has retained outside counsel and independent forensic accountants to assist in reviewing the transactions described in the subpoena. The Company postponed the release of its full financial results for the first quarter ended March 31, 2010 and its quarterly conference call scheduled for June 2, 2010. Canadian Solar also announced that its first quarter operating results would be updated, and that the Company's 4Q09 net revenue numbers may be revised "due to the company's intention to recognize sales only after receiving full cash payments from certain customers and due to certain subsequent return of goods after the quarter end."

Canadian Solar declined $1.69 per share, or 14.25%, to close on June 2, 2010 at $10.17 per share, on unusually heavy trading volume.