Akeena To Pay $4.8M To Settle Stock Inflation Action

Law360, New York (August 26, 2011, 11:37 AM EDT) -- Akeena Solar Inc. said Thursday it would pay $4.8 million to settle a shareholder class action in California alleging the company deceived investors in order to inflate its stock price.

The investors, who claim Akeena mislead them about the company's sales backlog, asked the court to grant preliminary approval to the agreement, saying it was the result of extensive back-and-forth negotiations and a good outcome for them and other shareholders.

"The parties litigated virtually every issue in this action, including the sufficiency of the [amended complaint],...
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