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First Solar, Inc. 

Securities Class Action

  • Date:
  • 3/8/2022
  • Company Name:
  • First Solar, Inc.
  • Stock Symbol:
  • FSLR
  • Class Period:
  • FROM 2/22/2019 TO 2/20/2020
  • Status:
  • Filed
  • Court:
  • U.S. District Court: Arizona

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against First Solar, Inc. (“First Solar” or the “Company”) (NASDAQ: FSLR) in the United States District Court for the District of Arizona on behalf of all persons and entities who purchased or otherwise acquired First Solar securities between February 22, 2019 and February 20, 2020, both dates inclusive (the “Class Period”). Investors have until March 8, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On January 15, 2020, Barclays reported that First Solar had “seemingly been, in large part, priced-out of the U.S. downstream solar market” and that the Company had concealed its rapidly declining market share through misleading financial reporting by including projects in its Project Development pipeline that had actually been completed in prior years.
 

On this news, First Solar’s stock fell $4.03, or 7%, to close at $54.75 per share on January 15, 2020, thereby injuring investors.
 

Then, on February 6, 2020, Barclays stated that, in an attempt to gain back its market share, First Solar was “bidding more aggressively, leading to lower [Project Development contract] prices, and finally cutting into margins.”
 

On this news, First Solar’s stock fell $0.45 to close at $52.65 per share on February 6, 2020, thereby injuring investors further.
 

Then, on February 20, 2020, First Solar announced that it was exploring a sale of its Project Development Business. The Company also disclosed that it was experiencing “challenges with regard to certain aspects of the overall cost per watt” and that it would not be realizing its cost per watt goals.
 

On this news, First Solar’s stock fell $8.73, or 15%, to close at $50.59 per share on February 21, 2020, thereby injuring investors further.

If you purchased or otherwise acquired First Solar shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form.  There is no cost or obligation to you.

The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in First Solar. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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