Philadelphia, Pennsylvania–(Newsfile Corp. – January 19, 2022) – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of First Solar, Inc. (“First Solar” or the “Company”) (NASDAQ: FSLR) between February 22, 2019 and February 20, 2020 (the “Class Period”).
If you purchased First Solar securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding First Solar is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
In 2017, First Solar launched a new PV solar panel module, the Series 6. At the time, First Solar laid out an “aggressive” Series 6 cost per watt reduction target and touted the success of the Series 6 program.
In October 2019, First Solar claimed that it was “slightly ahead of the roadmap.” According to a recently filed lawsuit, this statement and similar representations made throughout the Class Period were false in that defendants knew or recklessly disregarded that the Series 6 solar module was not commercially ready at the time of its release.
On February 20, 2020, First Solar announced that it was exploring a sale of its Project Development business and acknowledged it was experiencing “challenges with regard to certain aspects of the overall cost per watt.” The Company then stated it would no longer be disclosing a discrete cost per watt for its Series 6 units because customers had “start[ed] to hold [the Company] accountable to a cost-plus model … [a]nd so we have purposely moved away from giving a discrete cost per watt.”
On this news, First Solar’s stock declined $8.73 per share – nearly 15% – to close at $50.59 per share on February 21, 2021.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Michael Dell’Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110815
