First Solar, Inc. (NASDAQ:FSLR) Under Investor Investigation Over Possible Securities Laws Violations In Connection With Certain Statements
San Diego, March 05, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in shares of First Solar, Inc. (NASDAQ:FSLR) was announced over potential securities laws violations by certain officers and directors at First Solar, Inc in connection with potentially false and misleading statements.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of First Solar, Inc. (NASDAQ:FSLR) concerning whether a series of statements regarding First Solar’s business, its prospects and its operations were materially false and misleading at the time they were made.
First Solar, Inc. reported that its annual Revenue rose from $2.56billion in 2010 to $2.76billion in 2011. However its Net Income of $664.20million in 2010 turned into a Net Loss of $39.49million in 2011.
First Solar, Inc. said that on September 23, 2011,it informed the staff of the Securities and Exchange Commission (the “SEC”) that First Solar, Inc. was commencing an internal investigation regarding a possible violation of Regulation FD.
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 March 2, 2012, First Solar, Inc. said in a regulatory filing 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 $30 on March 2, 2012.
In fact, NASDAQ:FSLR shares closed at $30.02 on Friday, March 2, 2012 and traded in after-hours at $29.95 per share.