Are you a current long-term First Solar shareholder?
Philadelphia, Pennsylvania–(Newsfile Corp. – May 19, 2022) – A federal securities fraud class action complaint has been filed on behalf of shareholders of First Solar, Inc. (NASDAQ: FSLR) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired First Solar securities between February 22, 2019 and February 20, 2020.
Longer term shareholders have rights too.
The class action Complaint alleges that Defendants made materially false and misleading statements in that they willfully or recklessly made and/or caused the Company 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 the Company; (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, the Company instead improperly booked the cost of the additional units to the Systems segment; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Current First Solar shareholders who have held shares of First Solar stock since at least on or before February 22, 2022 can seek corporate reforms, the return of funds back to company coffers, and potentially a court approved incentive award if appropriate.
If you would like to learn more about this matter at no cost to you, please fill out the form provided at https://grabarlaw.com/the-latest/first-solar-inc-investigation/ or contact us at [email protected] or call 267-507-6085.
Attorney Advertising Disclaimer
These materials have been prepared by the Grabar Law Office for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results referred to in these materials do not guarantee or suggest a similar result in other matters.
Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124658
