Law Offices of Howard G. Smith announces an investigation on behalf of First Solar, Inc. (“First Solar” or the “Company”) (NASDAQ: FSLR) investors concerning the Company’s possible violations of the federal securities laws.
On January 15, 2020, Barclays reported that First Solar had “seemingly been, in large part, priced-out of the U.S. downstream solar market” and that the Company had concealed its rapidly declining market share through misleading financial reporting by including projects in its Project Development pipeline that had actually been completed in prior years.
On this news, First Solar’s stock fell $4.03, or 7%, to close at $54.75 per share on January 15, 2020, thereby injuring investors.
Then, on February 6, 2020, Barclays stated that, in an attempt to gain back its market share, First Solar was “bidding more aggressively, leading to lower [Project Development contract] prices, and finally cutting into margins.”
On this news, First Solar’s stock fell $0.45 to close at $52.65 per share on February 6, 2020, thereby injuring investors further.
Then, on February 20, 2020, First Solar announced that it was exploring a sale of its Project Development Business. The Company also disclosed that it was experiencing “challenges with regard to certain aspects of the overall cost per watt” and that it would not be realizing its cost per watt goals.
On this news, First Solar’s stock fell $8.73, or 15%, to close at $50.59 per share on February 21, 2020, thereby injuring investors further.
If you purchased First Solar securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220110005954/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
