San Diego, CA -- (SBWIRE) -- 04/02/2012 -- Certain directors and officers of First Solar, Inc. are under the investigation for current long term investors in First Solar, Inc. (NASDAQ:FSLR) shares over possible breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term investors in First Solar, Inc. (NASDAQ:FSLR) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation of certain directors and officers of First Solar, Inc by a law firm for current long term investors in First Solar, Inc. (NASDAQ:FSLR) stocks follows a lawsuit filed earlier by shareholders against First Solar, Inc. over alleged violations of Federal Securities Laws. The investigation on behalf of current long term investors in First Solar, Inc. (NASDAQ:FSLR) stocks focuses whether certain First Solar officers and directors breached their fiduciary duties owed to NASDAQ:FSLR stockholders by failing to properly manage the company and are liable in connection with the allegations made in the lawsuit over alleged securities laws violations.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased First Solar, Inc. (NASDAQ:FSLR) securities between April 30, 2008 and February 28, 2012, that First Solar, Inc. violated the Securities Exchange Act of 1934 by issuing between April 30, 2008 and February 28, 2012 allegedly false and/or misleading statements, as well as by failing to disclose material adverse facts about First Solar's business, operations, and prospects.
First Solar, Inc. said that in September 2011, it informed the staff of the Securities and Exchange Commission that First Solar was commencing an internal investigation regarding a possible violation of Regulation Fair Disclosure. According to the SEC the Fair Disclosure Regulation is a new issuer disclosure rule that addresses selective disclosure. First Solar said the possible violation arose in connection with disclosures on September 21, 2011, relating to the failure of the Topaz Solar Farm project to meet the statutory deadline to receive a federal loan guarantee from the US Department of Energy.
Then in October 2011 First Solar, Inc. announced that it fired its Chief Executive Officer effective immediately and its Board of Directors asked its Chairman and company founder to serve as interim Chief Executive Officer, which he accepted.
On February 29, 2012, First Solar, Inc announced its financial results for the fourth quarter and year ended December 31, 2011. Specifically, First Solar reported a decrease of $345 million in net sales for the fourth quarter, as compared to the previous quarter, "primarily due to the timing of revenue recognition in our systems business and lower for module-only sales." In addition, First Solar, Inc disclosed various charges to earnings, including a charge of $164 million for warranty payments to replace equipment that caused premature power loss in certain panels. First Solar, Inc said it spent $125.8 million in the fourth quarter on warranty claims and has put aside $37.5 million to cover future claims. First Solar, Inc. said in also in its February 29 announcement that following completion of its internal investigation, First Solar, Inc. appointed a new Vice President of Investor Relations.
Shares of First Solar, Inc. (NASDAQ:FSLR) declined from over $300 in 2008 and over $190 in 2009 to under $26 on March 12, 2012. NASDAQ:FSLR shares closed on March 30, 2012 at $25.05 per share.
Those who purchased shares of First Solar, Inc. (NASDAQ:FSLR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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