Press release from Business Wire
Holzer Holzer & Fistel, LLC Announces Investigation into Potential Claims for Breaches of Fiduciary Duty by Certain Officers and Directors of First Solar, Inc.
Tuesday, March 27, 2012
Holzer Holzer & Fistel, LLC Announces Investigation into Potential Claims for Breaches of Fiduciary Duty by Certain Officers and Directors of First Solar, Inc.10:20 EDT Tuesday, March 27, 2012 ATLANTA (Business Wire) -- Holzer Holzer & Fistel, LLC announces that it is investigating potential breaches of fiduciary duty by certain officers and directors of First Solar, Inc. (“First Solar” or the “Company”) (NYSE: FSLR). On March 15, 2012, a class action lawsuit was filed in the United States District Court for the District of Arizona alleging that First Solar violated the federal securities laws between April 30, 2008 and February 28, 2012 (the “Class Period”). The lawsuit alleges, among other things, that First Solar failed to adequately disclose the full impact that manufacturing flaws were having on the Company's earnings. The lawsuit further alleges that First Solar was improperly recognizing revenue from certain products in its systems business during the Class Period. On February 28, 2012, First Solar revealed it had spent more than $250 million on warranty issues relating to solar panels which, according to the complaint, was more than 10 times the amount originally reported when management first revealed the problems. Holzer Holzer & Fistel, LLC's investigation seeks to determine if the allegations contained in the class action complaint also give rise to the separate claims against the Board of Directors for breaches of fiduciary duty, which could be enforced on behalf of the Company through shareholder derivative litigation. If you have continuously held First Solar shares since 2008 and would like to discuss your legal rights, you may contact Michael I. Fistel, Jr., Esq. or Marshall P. Dees, Esq. via email at email@example.com, or firstname.lastname@example.org, or via toll-free telephone at (888) 508-6832. Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content. Holzer Holzer & Fistel, LLCMichael I. Fistel, Jr., Esq., 888-508-6832 (toll-free)email@example.comMarshall P. Dees, Esq., 888-508-6832 (toll-free)firstname.lastname@example.org