First Solar to pay US$350 million to settle 2012 class action case

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The case, titled Smilovits v. First Solar, Inc., et al related to claims of false and misleading statements regarding the company’s financial performance and prospects, after announcing a major restructuring plan, including two manufacturing plant closures in Frankfurt (Oder), Germany and idling four production lines in Kulim, Malaysia in April 2012. Image: First Solar

‘Solar Module Super League’ (SMSL) member, First Solar has agreed to settle a 2012 class action lawsuit to the tune of US$350 million. The settlement is subject to approval by the United States District Court for the District of Arizona.

The case, titled Smilovits v. First Solar, Inc., et al related to claims of false and misleading statements regarding the company’s financial performance and prospects, after announcing a major restructuring plan, including two manufacturing plant closures in Frankfurt (Oder), Germany and idling four production lines in Kulim, Malaysia in April 2012.

The class action lawsuit sought damages, including interest, and an award of reasonable costs and attorneys’ fees, while the company had stated it believed it had “meritorious defences” and would vigorously defend the action.

“We are confident that resolving this matter is the right business decision for First Solar and its shareholders,” said Mark Widmar, Chief Executive Officer of First Solar. “While we are confident in the facts and the merits of our position, we believe it is prudent to end this protracted and uncertain class action litigation process, and focus on driving the business forward.  We remain in a strong financial position, are pleased with our progress with Series 6 and our contracted customer pipeline, and are focused on executing our global strategy and serving our customers.”

First Solar said it would incorporate the US$350 million settlement within its fiscal year ended December 31, 2019.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 16, 2021
North American module manufacturer Silfab Solar has received an investment led by private equity firm ARC Financial Corp to help scale up its US PV production footprint.
September 14, 2021
Renewables developer BayWa r.e. and the Fraunhofer Institute for Solar Energy Systems ISE have built a new research project to explore how solar systems can protect plants and fruit from extreme weather.
September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 13, 2021
The US House of Representatives has finally unveiled proposals which would extend the Solar Investment Tax Credit (ITC) for 10 years at 30%, but only for projects meeting certain labour conditions.
September 10, 2021
Renewables investor Magnora has increased its stake in Helios Nordic Energy as the Swedish solar developer looks to add 1GW to its pipeline by the end of next year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021