NEW YORK, Feb. 19, 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”) (NASDAQ: 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 exceeding $100,000 investing in First Solar stock or options between February 22, 2019 and February 20, 2020 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FSLR.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

The complaint alleges that, throughout the Class Period, Defendants made repeated misrepresentations to investors regarding the development of its newest “Series 6” solar module, the cost per unit it could achieve with that module, and the impact the changeover to this new product would have on the viability of its other business segments. As a result of Defendants’ misrepresentations, First Solar common stock traded at artificially inflated prices during the Class Period.

The truth about First Solar’s difficulties transitioning to the Series 6 solar module was revealed through a series of disclosures. First, on January 15, 2020, Barclays reported that First Solar had seemingly been priced-out of the U.S. solar market, and that the Company had obfuscated its rapidly declining market share through misleading financial reporting. On February 6, 2020, Barclays further reported that First Solar’s aggressive attempts to win back market share were leading to lower Project Development contract prices and cutting into the Company’s margins. Then, on February 20, 2020, First Solar announced that it was exploring a sale of its Project Development business. Further, First Solar acknowledged that it was experiencing “challenges with regard to certain aspects of the overall cost per watt” and that the Company would no longer be disclosing a discrete cost per watt for its Series 6 units. As a result of these disclosures, First Solar’s share price declined precipitously.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.  

Faruqi & Faruqi, LLP also encourages anyone with information regarding First Solar’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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