First Solar, Inc.
(NASDAQ GS: FSLR)
Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of First Solar, Inc. ("First Solar") on behalf of stockholders. A class action complaint has been filed against First Solar, which alleges that defendants made materially false and misleading statements. Specifically, defendants willfully or recklessly made and/or caused First Solar to make false and misleading statements that failed to disclose that: (i) First Solar's Series 6 module was grossly underperforming and was unable to hit its wattage targets; (ii) when the units installed at Project Development sites were unable to produce the contractually mandated wattage target, additional units needed to be installed -- an additional cost borne by First Solar; (iii) when additional Series 6 units had to be installed at Project Development sites to compensate for the insufficient and inconsistent wattage, rather than properly charging the costs of the additional Series 6 units to the Modules segment, First Solar instead improperly booked the cost of the additional units to the Systems segment; and (iv) as a result, defendants' positive statements about First Solar's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.