Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of First Solar, Inc. related to potential securities violations by First Solar between April 30, 2008 and February 28, 2012 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
"Recent revelations about undisclosed flaws in First Solar's manufacturing processes and alleged improper accounting of revenue have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by First Solar's officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of First Solar/FSLR stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney Willie Briscoe.
More specifically, in a recently filed federal class action complaint, First Solar and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented or failed to disclose the following adverse facts: (i) that earnings were being negatively affected by certain manufacturing flaws; (ii) that First Solar improperly recognized revenue in its systems business; and (iii) that First Solar lacked adequate internal and financial controls.
On February 29, 2012, First Solar announced financial results for the fourth quarter and full year of 2011, reporting a quarter-over-quarter decrease of $345 million in net sales. During the Class Period, First Solar shares declined in price from a high close of $311.14 per share to a closing price of $36.40 on February 28, 2012.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
