| COMPANY |
First Solar, Inc. |
| COURT |
United States District Court for the District of Arizona |
| CASE NUMBER |
22-cv-00036 |
| JUDGE |
The Honorable Michael Thomas Liburdi |
| CLASS PERIOD |
February 22, 2019 - February 20, 2020 |
| SECURITY TYPE |
Common Stock |
Case Background:
A class action lawsuit was filed on behalf of those who purchased or acquired First Solar, Inc. (“First Solar”) (NASDAQ: FSLR) common stock between February 22, 2019, and February 20, 2020, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, the Defendants willfully or recklessly made and/or caused First Solar to make false and misleading statements that failed to disclose that: (1) the Series 6 module was grossly underperforming and was unable to hit its wattage targets; (2) when the units installed at the Project Development sites were unable to produce the contractually mandated wattage target, additional units needed to be installed – an additional cost borne by First Solar; (3) when additional Series 6 units had to be installed at Project Development sites to compensate for the insufficient and inconsistent wattage, rather than properly charging the costs of the additional Series 6 units to the Modules segment, Fist Solar instead improperly booked the cost of the additional units to another company segment; and (4) as a result of the foregoing, the defendants’ positive statements about First Solar’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Current Status of Case:
On June 23, 2023, the Court granted the Motion to Dismiss. This action has concluded.
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 Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.