Key Developments For Akeena Solar, Inc.
Akeena Solar, Inc. (AKNS.O) (Consolidated Issue listed on NASDAQ Capital Market)
Akeena Solar, Inc. Comments On Q4 2009 Revenue Guidance
Akeena Solar, Inc. announced that for fourth quarter of 2009, it expects installation results to be generally consistent with those in the third quarter, with residential sales representing 90% of installation revenues. Distribution channel sales are expected to grow sequentially and represent an increasing percentage of total revenue. According to Reuters Estimates, analysts were expecting the Company to report revenues of $8.35 million for the same period.
Akeena Solar, Inc. Complete 660 Kilowatt Solar Installation On California Air National Guard Base In Fresno
Akeena Solar, Inc. announced the completion of a 660-kilowatt installation on the California Air National Guard base in Fresno, California. The 3,819 panels that compose the system were installed on top of three newly constructed carports built by Colorado-based MCC Construction and will generate enough electricity to supply one-third of the total power used at the base.
The Rosen Law Firm Announces Class Action Suit Has Been Filed Against Akeena Solar, Inc.
The Rosen Law Firm, P.A. announced that a class action lawsuit was commenced on behalf of purchasers of the common stock of Akeena Solar, Inc. during the period between December 26, 2007 and March 13, 2008, inclusive (Class Period). The Complaint alleges that Akeena and certain of its officers and directors issued to the marketplace materially false and misleading statements and concealed material facts concerning the Company's reported backlog of orders; the Company's gross profit margins and net losses; and that the Company's purported credit line increase was in reality an undisclosed collateralization agreement that merely increased Akeena's restricted cash. The Complaint asserts that upon the disclosure of this adverse information, the value of Akeena's stock decreased dramatically injuring investors.
Holzer Holzer & Fistel, LLC Announces Shareholder Class Action Filed Against Akeena Solar, Inc.
Holzer Holzer & Fistel, LLC announced that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf all persons or entities who purchased shares of Akeena Solar, Inc. between December 26, 2007 and March 13, 2008. The lawsuit alleges, among other things, that the Company made false and misleading statements to the public with regard to a credit line increase the Company had received and the complaint also alleges the Company misrepresented its sales figures.
Izard Nobel LLP Announces Class Action Lawsuit Against Akeena Solar, Inc.
The law firm of Izard Nobel LLP, announced that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of those who purchased the common stock of Akeena Solar, Inc. (Akeena or the Company) between December 26, 2007 and March 13, 2008, inclusive (the Class Period). The Complaint charges that Akeena and certain of its officers and directors violated federal securities laws by making materially false and misleading statements regarding the Company's sales, financial performance and condition. Specifically, defendants failed to disclose the following facts: (i) the backlog number the Company had previously reported was unreliable; (ii) Akeena's gross profit margins were declining; (iii) the Company's net losses were dramatically increasing; and (iv) 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. When the truth was finally revealed, Akeena's common stock, which had traded as high as $16.80 on January 7, 2008, fell to a close of $6.15 per share on March 13, 2008.
