Education
Barnett graduated from the University of Illinois at Urbana-Champaign in 1963 and earned his doctorate in electrical engineering from Carnegie Mellon University in 1966.
Barnett graduated from the University of Illinois at Urbana-Champaign in 1963 and earned his doctorate in electrical engineering from Carnegie Mellon University in 1966.
He was the principal investigator of the Defense Advanced Research Projects Agency-funded Consortium for Very High Efficiency Solar Cells. Barnett founded the Photovoltaics solar module manufacturing company, Astropower, Incorporated. in the mid-1990s and quickly grew to become one of first solar module manufacturing firms in America. Barnett had taken the company public after its originating incubation origins within the University of Delaware"s main campus in Newark, Delaware.
Despite early on solid growth, AstroPower stunned analysts and investors with their second quarter 2002 results.
Revenue was $20.4 million representing (1%) one percent sequential growth and $4.9 million below analyst estimates, sparking nine class action lawsuits. The Stanford Law School Securities Class Action Clearinghouse has the AstroPower, Incorporated.
Company and Case Information. The lawsuits allege that AstroPower misrepresented its financial and business status between February 22, 2002, and August 1, 2002.
In addition to AstroPower, Incorporated., Chief Executive Officer Allen Barnett, Doctor of Philosophy, and Chief Financial Officer Thomas Stiner are named as individual defendants.
April 1, 2003 - AstroPower delayed the filing of 2002 fourth quarter and annual results to the Securities and Exchange Commission. April 21, 2003 - AstroPower, Incorporated. received a National Association of Securities Dealers Automated Quotation Staff Determination letter on April 17, 2003 indicating that AstroPower does not comply with the requirements for continued listing set forth in Marketplace Rule 4310 (c) (14) as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2002 with the Securities and Exchange Commission. May 27, 2003 - AstroPower"s Chief Executive Officer Barnett and Chief Financial Officer Thomas Stiner resign. July 24, 2003 - AstroPower, Incorporated.
Announces National Association of Securities Dealers Automated Quotation Delisting
Full Securities and Exchange Commission litigation background and final determination can be found at:
United States. SECURITIES AND EXCHANGE COMMISSION Litigation Release Number.
20938 / March 10, 2009
Accounting and Auditing Enforcement Release Number. 2946 / March 10, 2009
Securities and Exchange Commission v.
Allen Barnett, et al., Civil Action Number. 1:09-cv-00457 (Doctorate District of Columbia) (EGS) (filed March 9, 2009)
Securities and Exchange Commission BRINGS SETTLED ACTIONS AGAINST FORMER Chief Executive Officer AND Chief Financial Officer OF ASTROPOWER, Incorporated. FOR THEIR ROLES Indiana FINANCIAL FRAUD
Astropower was finally sold to General Electric"s General Electric Energy Division in final bankruptcy proceedings who, after holding the remains of the company for several years, sold the remains to Motech, a Twainese solar company.
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