Overview Of The Settlement
Sharon Hodges v. Akeena Solar, Inc., Case No. C-09-02147 JW
If you purchased or otherwise acquired Akeena Solar, Inc. (“Akeena Solar”) common stock between December 26, 2007 and March 13, 2008, inclusive, you could receive a payment from a class action settlement.
Plaintiffs allege false and misleading statements were made by Defendants during the Class Period concerning Akeena’s entry into a substantial licensing agreement and receiving an increase on its line of credit that artificially inflated Akeena’s stock price. Plaintiffs also alleged that as the truth of Defendants’ deception leaked into the market, the Company’s stock price plummeted. Defendants have denied, and continue to deny, that they did anything wrong.
The Settlement avoids the costs and risks associated with continued litigation, including the danger of no recovery, and provides a benefit to the Class now.
Your recovery will depend on the number of shares of Akeena Solar common stock you purchased or otherwise acquired between December 26, 2007 and March 13, 2008, inclusive, and the timing of your purchases, acquisitions, and any sales. If claims are submitted for 100% of eligible Akeena Solar shares, the estimated average recovery per share will be approximately $0.31 before deduction of Court-approved fees and expenses.
What Are My Options?
- SUBMIT A CLAIM: The only way to receive a payment. Claim Forms must have been returned postmarked no later than December 19, 2011
- EXCLUDE YOURSELF: Receive no payment. This is the only option that allows you to participate in another lawsuit against the Defendants relating to the claims being released in this case. Your exclusion request must have been mailed and postmarked no later than November 21, 2011
- OBJECT: Any objection must have been submitted no later than November 28, 2011
- GO TO A HEARING: Your notice of intention to appear must have been submitted no later than November 28, 2011
- DO NOTHING: Receive no payment.
Please consult the Notice for more details on your options.
Fairness Hearing
The Court held a fairness hearing on December 12, 2011 and approved the Settlement as fair, reasonable, and adequate. The Court also granted attorneys' fees and expenses to Lead Counsel.
