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First Solar to settle class action case with USD 350m

Image via Flickr/Joe Gratz (CC0 1.0)

January 6 (Renewables Now) - First Solar Inc (NASDAQ:FSLR) has agreed to pay USD 350 million (EUR 312.6m) to settle a class action lawsuit from 2012 related to certain disclosure failings, the US thin-film solar module maker said today.

The case, titled Smilovits v. First Solar Inc, was filed in the US District Court, District of Arizona, and was brought on behalf of all persons who bought First Solar shares in the period between April 30, 2008 and February 28, 2012. It accuses the company of false and misleading statements and disclosure failures regarding the full effect of certain manufacturing problems on its earnings and improper recognition of revenue concerning certain products in its systems business.

The solar manufacturer said the USD 350 million will be included in its results for fiscal 2019. 

“While we are confident in the facts and the merits of our position, we believe it is prudent to end this protracted and uncertain class action litigation process and focus on driving the business forward,” said First Solar’s CEO Mark Widmar. He added that the company is in a strong financial position and is now focused on executing its global strategy.

The settlement is still pending final approval by the US District Court, Arizona.

(USD 1.0 = EUR 0.893)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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