This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Robbins Umeda LLP Announces Investigation Of Akeena Solar, Inc.

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Akeena Solar, Inc. ("Akeena Solar" or the "Company") (NASDAQ:AKNS). Akeena Solar engages in the design, integration, installation, marketing, and sale of solar power systems. The Company was founded in 2001 and is headquartered in Los Gatos, California.

Robbins Umeda LLP's investigation concerns whether the Company's directors and officers caused the Company to make materially false and misleading representations regarding Akeena Solar's business fundamentals and finances. Specifically, Robbins Umeda LLP is investigating whether the Company's fiduciaries caused Akeena Solar to mislead investors by failing to disclose that the Company was experiencing severe gross profit margin losses as a result of its failure to meet previously-set sales "backlogs."

Further, in December 2007, Akeena Solar announced that its existing credit line was increased from $7.5 million to $25 million. The increase was believed to be a vote of confidence in the Company, and upon news of the increase, the Company's stock price rose approximately 20%. A year later, however, Akeena Solar revealed that the increase in its line of credit was not an increase at all, but a mere cash collateralization agreement whereby Akeena Solar agreed to maintain a cash deposit of the same amount.

The Company then reported that its fourth quarter 2007 sales had significantly missed the sales "backlog" that Akeena Solar confirmed existed at the end of its third quarter 2007 by more than 20%. Upon Akeena Solar's disclosure that it significantly missed its previously-reported backlog sales and was lowering its fiscal 2008 annual growth sales by more than 25%, the Company's stock price plummeted, erasing tens of millions of dollars in market capitalization.

If you purchased your shares of Akeena Solar stock prior to December 26, 2007, continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at

Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to


1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs