First Solar, Inc. : Pomerantz Law Firm Reminds Shareholders of First Solar Inc. of Upcoming Deadline - FSLR
05/04/2012| 03:35pm US/Eastern
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Shareholders of First Solar Inc. ("First Solar" or the
"Company")(NASDAQ:FSLR) are reminded of the securities class action
lawsuit filed against First Solar and certain of its officers. The class
action (Smilovits v. First Solar, Inc. et al. 12-cv-00555), filed
in the United States District Court, District of Arizona, is on behalf
of a class consisting of all persons or entities who purchased First
Solar securities between April 30, 2008 and February 28, 2012, inclusive
(the "Class Period"). This class action is brought under Sections 10(b)
and 20(a) of the Securities Exchange Act, 15 U.S.C. §§ 78j(b) and
78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R.
§ 240.10b-5.
If you are a shareholder who purchased First Solar securities during the
Class Period, you have until May 15, 2012 to ask the Court to appoint
you as Lead Plaintiff for the class. A copy of the complaint can be
obtained at www.pomerantzlaw.com.
To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by
e-mail are encouraged to include their mailing address and telephone
number.
First Solar designs and manufactures solar modules. The Company uses a
thin film semiconductor technology to manufacture electricity-producing
solar modules.
The Complaint alleges that, throughout the Class Period, Defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company's business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose: (1) the full impact of certain
manufacturing flaws on the Company's earnings; (2) the Company was
improperly recognizing revenue concerning certain products in its
systems business; (3) the Company lacked adequate internal and financial
controls; and (4) as a result of the foregoing, the Company's statements
were materially false and misleading at all relevant times.
On February 29, 2012, the Company 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, the Company 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.
The Company spent $125.8 million in the fourth quarter on warranty
claims and has put aside $37.5 million to cover future claims.
On these revelations, First Solar shares declined $4.10 per share or
11%, to close at $32.30 per share, on February 29, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and Washington,
D.C., is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
Pomerantz Haudek Grossman & Gross LLP
Rachelle R. Boyle,
888-476-6529, x237
rrboyle@pomlaw.com
© Business Wire 2012
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