First Solar Inc (NASDAQ: FSLR) Investor Securities Class Action Lawsuit 03/15/2012

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Company Name(s): 
First Solar
Case Name: 
First Solar Shareholder Class Action Lawsuit 03/15/2012
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: FSLR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/15/2012
Class Period Begin: 
04/30/2008
Class Period End: 
02/28/2012
Court of Filing: 
U.S. District Court for the District of Arizona
Deadline To File for Lead: 
05/15/2012
Date Settled: 
03/02/2020
Settlement Amount: 
$350,000,000
Deadline to Participate in Settlement: 
07/01/2020
Settlement Notice: 
Settlement Proof: 
Summary: 

March 02, 2020 - The court preliminarily approved the settlement.

February 14, 2020 - Parties filed a stipulation of settlement.

December 17, 2012 - The court denied defendants' motion to dismiss.

September 14, 2012 - Defendants filed a motion to dismiss.

August 17, 2012 - The lead plaintiffs filed an amended complaint.

July 23, 2012 - Lead plaintiffs and lead counsel were appointed.

May 15, 2012 - Lead plaintiff motions were filed.

March 15, 2012 - An investor in shares of First Solar Inc (NASDAQ: FSLR) filed a lawsuit in the U.S. District Court for the District of Arizona against First Solar Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 30, 2008 and February 28, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased First Solar Inc (NASDAQ: FSLR) securities between April 30, 2008 and February 28, 2012, that First Solar Inc and certain of its officers violated the Securities Exchange Act of 1934 by issuing between April 30, 2008 and February 28, 2012 allegedly false and/or misleading statements, as well as by failing to disclose material adverse facts about First Solar Inc's business, operations, and prospects.

First Solar Inc reported that its annual Revenue rose from $2.56 billion in 2010 to $2.76 billion in 2011. However, its Net Income of $664.20 million in 2010 turned into a Net Loss of $39.49 million in 2011.

First Solar Inc said that on September 23, 2011, it informed the staff of the Securities and Exchange Commission that First Solar Inc was commencing an internal investigation regarding a possible violation of Regulation Fair Disclosure. According to the SEC the Fair Disclosure Regulation is a new issuer disclosure rule that addresses selective disclosure. First Solar Inc said the possible violation arose in connection with disclosures on September 21, 2011, relating to the failure of the Topaz Solar Farm project to meet the statutory deadline to receive a federal loan guarantee from the US Department of Energy.

On October 25, 2011 First Solar Inc announced that it fired its Chief Executive Officer effective immediately and its Board of Directors asked its Chairman and company founder to serve as interim Chief Executive Officer, which he accepted.

On November 30, 2011, First Solar Inc said announced the appointment of David Brady as Vice President, Treasury and Investor Relations.

On February 29, 2012, First Solar Inc announced its financial results for the fourth quarter and year ended December 31, 2011. Specifically, First Solar Inc reported a decrease of $345 million in net sales for the fourth quarter, as compared to the previous quarter, "primarily due to the timing of revenue recognition in our systems business and lower for module-only sales." In addition, First Solar Inc disclosed various charges to earnings, including a charge of $164 million for warranty payments to replace equipment that caused premature power loss in certain panels. First Solar Inc said it spent $125.8 million in the fourth quarter on warranty claims and has put aside $37.5 million to cover future claims.

First Solar Inc said in also in its February 29 announcement that following completion of its internal investigation, First Solar Inc appointed a new Vice President of Investor Relations.

Shares of First Solar Inc (NASDAQ: FSLR) declined from over $300 in 2008 and over $190 in 2009 to under $26 on March 12, 2012. NASDAQ: FSLR shares closed on Friday, March 16, 2012 at $29.08 per share.