Settlement reached in Class Action against Canadian Solar — awaiting Ontario Superior Court approval

Toronto — A settlement has been reached in the class action against Canadian Solar and certain of its current and former officers and directors alleging misrepresentations made in certain of Canadian Solar’s oral statements and public disclosures released between May 26, 2009 and June 1, 2010.

The Settlement provides for the payment by the Defendants of the total amount of $13,000,000.00 USD to resolve those claims (the “Settlement”).

The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by Canadian Solar or any of the other Defendants.

The Settlement must be approved by the Ontario Superior Court of Justice. A Settlement approval hearing has been set for October 30, 2020 in Kitchener, Ontario. The Settlement approval hearing will be heard by video-conference. At or immediately after the hearing, the Court will also address a motion to approve Class Counsel’s fees, which will not exceed 25% of the recovery plus reimbursement for expenses incurred in the litigation.

Class Members who wish to comment on, or make an objection to, the approval of the Settlement Agreement, Distribution Protocol, or Class Counsel Fees requested may deliver a written submission to Class Counsel, at the address listed below, no later than October 16, 2020. Any objections delivered by that date will be filed with the Court.