NEW YORK, April 19, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at First Solar Inc. ("First Solar" or the "Company") (NasdaqGS: FSLR).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) certain manufacturing flaws were negatively impacting the Company's earnings; (2) First Solar was improperly recognizing revenue from certain products in its systems business; and (3) First Solar lacked sufficient internal and financial controls to accurately report the Company's financial results.
On February 29, 2012, First Solar reported a decrease of $345 million in net sales for the fourth quarter of 2011, as compared to the previous quarter. First Solar also reported a charge of $164 million for warranty payments to replace equipment that caused power loss in certain panels. On this disappointing news, the price of the Company's stock fell $4.10 per share, or 11%, to close at $32.30 per share.
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If you purchased First Solar securities between April 30, 2008 and February 28, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/FSLR. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding First Solar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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