Securities Law – SEC, DOL Accept Requests To Participate in Joint Hearing Examining Target Date Funds

Washington, D.C., May 22, 2009 – LawFuel.com – The Securities and Exchange Commission and the Department of Labor announced today that they are accepting requests to participate in a joint hearing on June 18 examining target date funds. Target date funds and other similar investment options are investment products that allocate their investments among various asset classes and automatically shift that allocation to more conservative investments as a “target” date approaches. This shift in asset allocation, often referred to as a fund’s “glide path,” may differ significantly among funds with the same target date.

Discussion topics at the joint hearing will include issues related to how target date fund managers determine asset allocations and changes to asset allocations (including glide paths) over the course of a fund’s operation; how they select and monitor underlying investments; how the foregoing and related risks are disclosed to investors; and the approaches or factors for comparing and evaluating target date funds.

“Target date funds are an increasingly popular investment for Americans focused on retirement planning,” said SEC Chairman Mary Schapiro. “If there’s any confusion or misunderstanding caused by these funds, then we need to clear that up. I look forward to furthering our productive collaboration with the Department of Labor on this important issue.”

The Commission requests persons interested in presenting testimony and answering questions at this public hearing to submit a written request to participate along with an outline of topics to be discussed. The information that is submitted will become part of the public record of the joint hearing. Submissions to the Commission may be provided by any of the following methods:

Electronic submissions:

* Use the Commission’s Internet submission form.
* Send an e-mail to rule-comments@sec.gov.

Paper submissions:

* Send paper submissions in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, D.C. 20549-1090.

All submissions should refer to File Number 4-582. This file number should be included on the subject line if e-mail is used. To help process and review submissions more efficiently, please use only one method. The Commission will post all submissions on its Web site.

Please note that all submissions received will be posted without change. The SEC does not edit personal identifying information from submissions. Only information desired to be shared publicly should be submitted.

The joint hearing will begin at 9 a.m. ET and will be held in the auditorium at the DOL’s headquarters at 200 Constitution Avenue NW, Washington, D.C. The hearing will be open to the public with seating on a first-come, first-served basis. Visitors will be subject to security checks. Any individuals with disabilities who may need special accommodations should notify Fred Wong, Employee Benefits Security Administration, U.S. Department of Labor, at (202) 693-8500. The hearing will be transcribed and also will be available via webcast on the SEC Web site. Captioning of the webcasts will be available.


Brualdi Law Firm, P.C. Announces Class Action Lawsuit – Securities Law & Class Actions

NEW YORK, May 22, 2009 LawFuel.com – Legal Newswire — The Brualdi Law Firm, P.C.
announces that a lawsuit has been commenced in the United States
District Court for the Northern District of California on behalf of
purchasers of Akeena Solar, Inc. (“Akeena” or the “Company”)
(Nasdaq:AKNS) publicly traded securities during the period between
December 26, 2007 through March 13, 2008 (the “Class Period”) for
violations of the federal security laws.

No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Akeena common stock during the Class Period, and wish to
move the court for appointment of lead plaintiff, you must do so by
July 17, 2009. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. The lead
plaintiff will be selected from among applicants claiming the largest
loss from investment in the Company during the Class Period. You do not
need to seek appointment as a lead plaintiff in order to share in any
recovery.

To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Sue Lee at The
Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York
10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by
email to slee@brualdilawfirm.com or visit our website at
http://www.brualdilawfirm.com.

The complaint alleges that, during the Class Period, Akeena made
materially false and misleading statements regarding the Company’s
sales, financial performance and condition. After repeated glowing
announcements by Akeena to its investors touting the strength of demand
for the Company’s products, its large sales “backlog” and transparency
into its financial projections and reporting, the Company surprised the
market in a series of negative disclosures beginning on January 16,
2008. First, Akeena revealed that the credit-line increase announced on
December 26, 2007, touted as a vote of confidence in the Company,
actually contained a cash collateral requirement equaling the amount of
the extension. The Company then reported that its 4Q 2007 sales had
significantly missed the sales “backlog” Akeena confirmed existed at
the end of its 3Q 2007. At the end of the Class Period, on March 13,
2008, Akeena finally revealed that actual losses incurred in its 4Q
2007, which had already ended on December 31, 2007, were significantly
higher than investors had been led to expect. Its newly appointed Chief
Financial Officer also revealed that his predecessor had been booking
as “backlog” every new installation contract, regardless of whether the
customer intended to take delivery within six months (as Akeena’s
“backlog” had previously been defined) or the status of the customer’s
financing.

As the market reacted to these disclosures, Akeena’s common stock,
which had traded as high as $16.80 on January 7, 2008, fell
precipitously, closing at $6.15 per share on March 13, 2008.

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