8-KOther Events

FIRST SOLAR, INC. 8-K Report, Corporate Update (Nov 20, 2015)

Filed November 20, 2015For Securities:FSLR

Summary

First Solar, Inc. (FSLR) filed an 8-K on November 20, 2015, providing an update on a class action lawsuit. The lawsuit, Smilovits v. First Solar, Inc., et al., alleges violations of the Securities Exchange Act of 1934 due to allegedly false and misleading statements regarding the company's financial performance and prospects between April 30, 2008, and February 28, 2012. The most significant development reported is the November 18, 2015 order from the United States Court of Appeals for the Ninth Circuit. This order grants permission for an interlocutory appeal to proceed regarding certain rulings made by the Arizona District Court on August 11, 2015. The District Court had granted summary judgment in part for the defendants (First Solar and its directors/officers) and denied the plaintiffs' motion for summary judgment. The appeal will focus on these partial rulings, and a briefing schedule has been established.

Key Highlights

  • 1Update on the status of the Smilovits v. First Solar, Inc. class action lawsuit.
  • 2The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
  • 3Allegations stem from purported false and misleading statements about financial performance and prospects between April 30, 2008, and February 28, 2012.
  • 4The Ninth Circuit Court of Appeals granted permission for an interlocutory appeal on November 18, 2015.
  • 5The appeal is related to partial summary judgment rulings made by the Arizona District Court on August 11, 2015.
  • 6The Arizona District Court had partially granted summary judgment for the defendants and denied the plaintiffs' motion.
  • 7A briefing schedule for the appeal has been established by the Court of Appeals.

Frequently Asked Questions

The main purpose of this 8-K filing is to provide investors with an update on the ongoing class action lawsuit against First Solar, Inc. and certain of its current and former directors and officers.

The lawsuit alleges that the company and its management violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements concerning First Solar's financial performance and future prospects during a specific period.

The Ninth Circuit Court of Appeals granted permission for an interlocutory appeal on November 18, 2015. This means that certain decisions made by the lower Arizona District Court regarding the summary judgment motions will be reviewed by a higher court. A briefing schedule has been set, indicating the legal process is moving forward with this appeal.

On August 11, 2015, the Arizona District Court partially granted the defendants' (First Solar's) motion for summary judgment, meaning some claims may have been dismissed. However, the court also denied the plaintiffs' motion for summary judgment and certified an issue for immediate appeal, leading to the current proceedings in the Ninth Circuit.