SAN DIEGO--(BUSINESS WIRE)--After a long legal battle and on the day before jury selection, Robbins Geller Rudman & Dowd LLP secured a $350 million settlement for the investor class in Smilovits v. First Solar, Inc., No. 2:12-cv-00555-DGC, pending in the United States District Court for the District of Arizona. The shareholder class was led by two U.K. pension funds: Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme.
First Solar, Inc. is one of the world’s largest producers of photovoltaic solar panel modules. The case alleges that First Solar violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. Specifically, lead plaintiffs claim that during the class period (April 30, 2008 to February 28, 2012), First Solar discovered a manufacturing defect that caused its modules to suffer rapid power loss and a design defect that caused rapid power loss in hot climates. Lead plaintiffs allege that First Solar not only concealed these defects from shareholders, but also misrepresented the cost and scope of the defects and reported false information on the company’s financial statements. Defendants denied all of lead plaintiffs’ claims.
The $350 million settlement will resolve claims brought on behalf of all persons who purchased or otherwise acquired First Solar shares during the class period. The settlement is subject to approval by the United States District Court for the District of Arizona.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.