Scott+Scott LLP Announces Class Action Lawsuit Against Akeena Solar, Inc. and Others...

Scott+Scott LLP Announces Class Action Lawsuit Against Akeena Solar, Inc. and
Others On Behalf of Investors -- AKNS

NEW YORK, May 18, 2009 (GLOBE NEWSWIRE) -- On May 18, 2009, Scott+Scott LLP
filed a class action complaint against Akeena Solar, Inc. ("Akeena" or the
"Company") (Nasdaq:AKNS) and certain of the Company's officers in the U.S.
District Court for the Northern District of California. The action for
violations of the Securities Exchange Act of 1934 is brought on behalf of those
purchasing Akeena common stock during the period beginning December 26, 2007
through March 13, 2008, inclusive (the "Class Period").

If you purchased Akeena common stock during the Class Period and wish to serve
as a lead plaintiff in the action, you must move the Court no later than July
17, 2009. Any member of the investor class may move the Court to serve as lead
plaintiff through counsel of its choice, or may choose to do nothing and remain
an absent class member. If you wish to discuss this action or have questions
concerning this notice or your rights, please contact Scott+Scott
(scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the
Scott+Scott website, http://www.scott-scott.com) for more information. There is
no cost or fee to you.

The complaint alleges that, during the Class Period, Akeena, a designer and
marketer of solar power systems, made materially false and misleading statements
regarding the Company's sales, financial performance and condition. After
repeated glowing announcements by Akeena to its investors touting the strength
of demand for the Company's products, its large sales "backlog" and transparency
into its financial projections and reporting, the Company surprised the market
in a series of negative disclosures beginning on January 16, 2008. First, Akeena
revealed that the credit-line increase announced on December 26, 2007, touted as
a vote of confidence in the Company, actually contained a cash collateral
requirement equaling the amount of the extension. The Company then reported that
its 4Q 2007 sales had significantly missed the sales "backlog" Akeena confirmed
existed at the end of its 3Q 2007. At the end of the Class Period, 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 than investors
had been led to expect. 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 (as Akeena's "backlog" had previously been defined)
or the status of the customer's financing.

As the market reacted to these disclosures, Akeena's common stock, which had
traded as high as $16.80 on January 7, 2008, fell precipitously, closing at
$6.15 per share on March 13, 2008.

The complaint alleges the several statements made by Akeena to investors were
materially false or misleading. The statements were false or misleading because,
when they were made the Company knew that: (a) the previously reported backlog
number was unreliable; (b) its gross profit margins were declining; (c) its net
losses were dramatically increasing and (d) the $17.5 million "increase" in
Akeena's credit line announced on December 26, 2007 was merely a cash
collateralization agreement which simply increased the Company's restricted
cash.

Scott+Scott has significant experience in prosecuting major securities,
antitrust and employee retirement plan actions throughout the United States. The
firm represents pension funds, foundations, individuals and other entities
worldwide.

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CONTACT: Scott+Scott LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com