Akeena Strikes Deal In Stock Inflation Action

Law360, New York (August 8, 2011, 2:51 PM EDT) -- A federal judge in California on Friday cleared the way for Akeena Solar Inc. to settle a shareholder class action alleging the company deceived investors in order to inflate its stock price.

U.S. District Judge James Ware gave shareholders an additional two weeks to finesse the confidential settlement with Akeena and seek formal approval from the court in advance of a Sept. 12 hearing for the truce.

The investors allege that Akeena founder Barry Cinnamon and Chief Financial Officer Gary Effren committed securities fraud, misleading investors...
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