Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses in Excess of $1 Million Investing in First Solar Inc. to Contact the Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at First Solar Inc. (“First Solar” or the “Company”) (NasdaqGS: FSLR).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) certain manufacturing flaws were negatively impacting the Company’s earnings; (2) First Solar was improperly recognizing revenue from certain products in its systems business; and (3) First Solar lacked sufficient internal and financial controls to accurately report the Company’s financial results.
On February 29, 2012, First Solar reported a decrease of $345 million in net sales for the fourth quarter of 2011, as compared to the previous quarter. First Solar also reported a charge of $164 million for warranty payments to replace equipment that caused power loss in certain panels. On this disappointing news, the price of the Company’s stock fell $4.10 per share, or 11%, to close at $32.30 per share.
If you purchased First Solar securities between April 30, 2008 and February 28, 2012 and would like to discuss your legal rights, contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding First Solar’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.