First Solar Settles Securities Fraud Class Action

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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Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

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The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.