National securities law firm Gilman Law LLP announces that a First Solar Securities Fraud Lawsuit was commenced in the US District Court, District of Arizona on behalf of purchasers of First Solar securities (NASDAQ: FSLR). The lawsuit alleges that First Solar and certain of its officers and directors issued materially false and misleading statements to investors, thereby violating the Securities Exchange Act of 1940.
Those who purchased or otherwise acquired shares of First Solar securities between April 40, 2008 and February 28, 2012 (the “class period”), and incurred losses in excess of $50,000 should contact the Securities Law Firm Gilman Law LLP before the May 14, 2012 Deadline. Investors may contact Kenneth Gilman, the managing partner of Gilman Law LLP, at (888) 252-0048 or by completing the online form below for a Free Evaluation of your case.
First Solar Securities Fraud Lawsuit Details
Based in Tempe, Arizona, First Solar designs and manufacturers solar modules. The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules. The First Solar securities fraud lawsuit alleges that throughout the Class Period, First Solar failed to disclose certain manufacturing flaws which impacted the Company’s earnings. The suit further alleges that the Company improperly recognized revenue concerning certain products in its systems business and lacked adequate internal and financial controls. As a result, First Solar lacked a reasonable basis for their positive statements about the Company, its operations and earnings during the Class Period. Once First Solar began to disclose the truth on February 29, 2012, the price of First Solar securities declined $4.10 per share or 11%, to close at $40.40 per share.