Canadian Solar Inc. has updated its first-quarter 2010 performance and guidance for the second-quarter 2010 and the second half of 2010. The company has postponed the release of its full financial results for the first quarter and its quarterly conference call, scheduled for June 2, as a result of the commencement of an investigation by the audit committee of the company's board of directors. While the investigation is ongoing, the company is updating preliminary first-quarter operating results.
The investigation was launched after Canadian Solar received a subpoena from the Securities and Exchange Commission (SEC) requesting documents relating to – among other items – certain sales transactions in 2009.
The audit committee has retained outside counsel and independent forensic accountants to assist in reviewing the transactions described in the subpoena. Canadian Solar says it has been – and intends to continue beingÂ – fully cooperative with the SEC.
SOURCE: Canadian Solar Inc.