NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of investors who purchased First Solar, Inc. (“First Solar” or the “Company”) (Nasdaq: FSLR) stock between April 30, 2008 and February 28, 2012.
For more information, click here: http://www.zlk.com/first-solar-fslr. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose materially adverse information about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that defendants failed to disclose: (a) the full negative impact of certain manufacturing flaws on Company earnings; (b) that the Company improperly recognized revenue related to particular products in its systems business; and that (c) the Company lacked adequate internal and financial controls.
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 news, the price of the Company’s stock fell $4.10 per share, or 11%, to close at $32.30 per share.
If you suffered a loss in First Solar you have until May 14, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.