On the eve of trial, solar panel manufacturer First Solar Inc. said it will pay $350 million to settle claims from a class of investors who alleged that it fraudulently inflated stock prices. The complaint alleged an estimated $250 per share loss in stock value by the class of 1,300 shareholders who bought stock between April 30, 2008, and February 28, 2012. The complaint accused First Solar of covering up and misrepresenting the impact of issues with its solar nodule products for photovoltaic solar cells.
The case is Smilovits et v. First Solar Incorporated et al., case number 2:12-cv-00555, U.S. District Court for the District of Arizona.
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