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Investigation
01/07/2022
Initial Lawsuit
01/07/2022
Lawsuit Progression
04/25/2022
Plaintiff brings this securities class action on behalf of all persons or entities that purchased or otherwise acquired shares of First Solar common stock between February 22, 2019, and February 20, 2020.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) the Series 6 module was grossly underperforming and was unable to hit its wattage targets;
(ii) 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;
(iii) 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, the company instead improperly booked the cost of the additional units to the Systems segment; and
(iv) as a result of the foregoing, defendants’ positive statements about First Solar’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
