NEW YORK, March 13, 2022 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against First Solar, Inc. (“First Solar” or the “Company” ) FSLR and reminds investors of the March 8, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses greater than $100,000 investing in First Solar stocks or options between February 22, 2019 and February 20, 2020 and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly at 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/FSLR.
There is no cost or obligation for you.
Faruqi & Faruqi is a leading national minority and women-owned securities law firm with offices in New York, Pennsylvania, California and Georgia.
The Complaint alleges that, throughout the Class Period, the Defendants repeatedly misrepresented to investors regarding the development of its new “Series 6” solar module, the unit cost it could achieve with that module, and the impact that switching to this new product would have on the viability of its other lines of business. As a result of the defendants’ misrepresentations, First Solar common stock traded at artificially inflated prices during the Class Period.
The truth about First Solar’s struggles to upgrade to the Series 6 solar module has been revealed through a series of revelations. First, on January 15, 2020, Barclays reported that First Solar had apparently been shut out of the US solar market and that the company had obscured its rapidly declining market share with misleading financial information. On February 6, 2020, Barclays further reported that First Solar’s aggressive attempts to regain market share were leading to lower project development contract prices and reduced margins for the company. Then, on February 20, 2020, First Solar announced that it was considering selling its project development business. In addition, First Solar acknowledged that it was experiencing “challenges with certain aspects of overall cost per watt” and that the company would no longer disclose a discrete cost per watt for its Series 6 units. As a result of these disclosures, the First Solar’s share price fell precipitously.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class that is adequate and typical of the class members directing and supervising the litigation on behalf of the putative class. Any putative class member may ask the Court to serve as lead plaintiff through counsel of their choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the conduct of First Solar to contact the company, including whistleblowers, former employees, shareholders and others.
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