LOS ANGELES, USA: Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities who purchased the securities of First Solar Inc. between April 30, 2008 and February 28, 2012, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934.
First Solar engages in the design, manufacture and sale of thin-film semiconductor solar modules and photovoltaic solar power systems in the United States and internationally.
The complaint alleges that defendants issued false and misleading statements and/or failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, Defendants misrepresented or failed to disclose:
(1) the full impact of certain solar module manufacturing flaws on the Company’s earnings;
(2) that the company was improperly recognizing revenue concerning certain products in its systems business;
(3) that the company lacked adequate internal and financial controls; and
(4) as a result of the foregoing, that the company's statements were materially false and misleading at all relevant times.