After a lengthy legal battle and on the day before jury selection, Robbins Geller Rudman & Dowd LLP secured a $350 million settlement for the investor class in Smilovits v. First Solar, Inc., No. 2:12-cv-00555-DGC, pending in the United States District Court for the District of Arizona. The shareholder class was led by two U.K. pension funds: Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme.
First Solar, Inc. is one of the world’s largest producers of photovoltaic modules. Lead plaintiffs claim that during the class period (April 30, 2008 to February 28, 2012), First Solar discovered a manufacturing defect that caused its modules to suffer rapid power loss and a design flaw that caused rapid power loss in hot environments.
Lead plaintiffs allege that First Solar not only concealed these defects from shareholders, but also misrepresented the cost and extent of the defects and presented false information on the company’s financial statements. Defendants denied all of lead plaintiffs’ claims.
The $350 million settlement will resolve claims brought on behalf of all persons who purchased or otherwise acquired First Solar shares during the class period. The settlement is subject to approval by the United States District Court for the District of Arizona.
Source: BUSINESS WIRE