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],...
To view the full article, register now.




Case Information

Case Title

Hodges v. Akeena Solar, Inc. et al

Case Number



California Northern

Nature of Suit



James Ware

Date Filed

May 18, 2009

Law Firms


Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.