Press release from PR Newswire
Harwood Feffer LLP Announces That a Securities Class Action Lawsuit Has Been Filed Against First Solar, Inc.
Monday, March 19, 2012
Harwood Feffer LLP Announces That a Securities Class Action Lawsuit Has Been Filed Against First Solar, Inc.12:43 EDT Monday, March 19, 2012NEW YORK, March 19, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the District of Arizona against First Solar, Inc. ("First Solar" or the "Company") (NASDAQ: FSLR), Case No. 12-cv-00555, on behalf of purchasers of First Solar stock between April 30, 2008 and February 28, 2012 (the "Class Period"). (Logo: http://photos.prnewswire.com/prnh/20120215/MM54604LOGO )The Complaint alleges that defendants made materially false and misleading statements and failed to disclose material adverse information about the Company's business, operations, and prospects. In particular, the defendants are alleged to have failed to disclose that: (i) earnings were being negatively affected by certain manufacturing flaws; (ii) the Company improperly recognized revenue in its systems business; and (iii) that First Solar lacked adequate internal and financial controls. On February 29, 2012, First Solar announced financial results for the fourth quarter and full year of 2011, reporting a quarter-over-quarter decrease of $345 million in net sales, "primarily due to the timing of revenue recognition in our systems business and lower for module-only sales." The Company also reported that it had incurred a charge of $164 million for warranty payments to replace defective equipment, including a reserve of $37.5 million to cover future claims. During the Class Period, First Solar shares declined in price from a high close of $311.14 per share to a closing price of $36.40 on February 28, 2012. If you purchased First Solar shares during the Class Period, you have until May 14, 2012 to ask the Court to appoint you lead plaintiff for the class. Additionally, current holders of First Solar shares purchased at any time may have a claim. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:Robert I. Harwood, Esq. Benjamin Sachs-Michaels Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 Phone Numbers: (877) 935-7400 (212)935-7400Email: firstname.lastname@example.orgWebsite: http://www.hfesq.comHarwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.SOURCE Harwood Feffer LLP