Press release from Business Wire
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against First Solar, Inc.
Friday, March 16, 2012
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against First Solar, Inc.15:49 EDT Friday, March 16, 2012 WILMINGTON, Del. (Business Wire) -- Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities that purchased the securities of First Solar, Inc. (“First Solar” or the “Company”) (NasdaqGS: FSLR) between April 30, 2008 and February 28, 2012 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”) against the Company and certain of its officers and directors. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/first-solar-inc-fslr. First Solar manufactures photovoltaic (“PV”) solar modules, and provides comprehensive PV solar systems. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and failed to disclose material adverse information about the Company's business, operations, and prospects. Specifically, the Complaint alleges that defendants failed to disclose the full adverse effect of certain manufacturing flaws on earnings; that the First Solar improperly recognized revenue in its systems business; and that the First Solar lacked adequate internal and financial controls. First Solar announced financial results for the fourth quarter and year ended December 31, 2011 on February 29, 2012, reporting 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.” First Solar also reported that it had incurred a charge of $164 million for warranty payments to replace equipment that caused power loss in certain panels, spending $125.8 million in the fourth quarter on warranty claims and reserving $37.5 million to cover future claims. On this news, the price of the Company's stock declined $4.10 per share, or 11%, to close at $32.30 per share. If you wish to serve as lead plaintiff, you must move the Court no later than May 14, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome. Rigrodsky & Long, P.A.Timothy J. MacFall, EsquireScott J. Farrell, Esquire888-969-4242516-683-3516Fax: email@example.com://www.rigrodskylong.com