First Solar, Inc. Investor files Lawsuit over alleged Misleading and False Statements

April 5, 2012 - PRLog -- An investor in NASDAQ-FSLR shares filed a lawsuit in the U.S. District Court, District of Arizona against First Solar Inc. over alleged violations of Federal Securities laws in connection with certain allegedly false and misleading statements.

If you purchased shares of First Solar, Inc.  between April 30, 2008 and February 28, 2012, you have certain options and there are strict and short deadlines running. Deadline: May 15, 2012. NASDAQ-FSLR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased First Solar, Inc.  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's business, operations, and prospects.

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 said that on September 23, 2011, it informed the staff of the Securities and Exchange Commission that First Solar 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 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 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.  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.

Those who purchased shares of First Solar, Inc.  between April 30, 2008 and February 28, 2012, have certain options and there are strict and short deadlines running. Deadline: May 15, 2012. NASDAQ-FSLR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

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