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 firstname.lastname@example.org 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 email@example.com for more details. Goldfarb Branham lawyers have significant experience working on important derivative cases that have resulted in substantial recoveries benefiting shareholders.