01—Abstract
Summary
Summary of the 8-K filed May 16, 2019. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from First Solar, Inc. (FSLR) provides an important update on a class action lawsuit filed in March 2012.
The lawsuit alleges that the company and certain current and former directors/officers made false and misleading statements regarding financial performance and prospects between April 30, 2008, and February 28, 2012. This filing supplements previous disclosures in the company's 10-Q filing from May 3, 2019. The key development detailed is the status of a petition for writ of certiorari to the U.S. Supreme Court.
While the company has pursued this petition, a recent submission by the Solicitor General on May 15, 2019, recommends that the Supreme Court deny the petition. The Supreme Court has not yet made a final ruling on this petition, and a previously scheduled trial date remains vacated pending the outcome.
02—Key points
Key Highlights
- First Solar is providing an update on a class action lawsuit filed in 2012 concerning alleged misleading statements related to financial performance.
- The lawsuit covers the period from April 30, 2008, to February 28, 2012.
- The company and certain current and former directors/officers are named as defendants.
- A petition for writ of certiorari was filed with the U.S. Supreme Court.
- On May 15, 2019, the Solicitor General recommended that the Supreme Court deny the petition for certiorari.
- The Supreme Court has not yet ruled on the petition, and a trial date remains vacated.
- This filing supplements information previously disclosed in the May 3, 2019, 10-Q.
03—Questions
Frequently Asked Questions
What is the nature of the class action lawsuit against First Solar?
The class action lawsuit, filed in 2012, alleges that First Solar and certain current and former directors and officers violated securities laws by making false and misleading statements about the company's financial performance and prospects between April 30, 2008, and February 28, 2012.
What is the latest development in the legal proceedings?
The most recent development is the submission by the Solicitor General to the U.S. Supreme Court on May 15, 2019. The Solicitor General recommended that the Supreme Court deny the company's petition for a writ of certiorari. The Supreme Court has yet to make a decision on this petition.
How does this update affect the company's operations or trial timeline?
The filing indicates that a previously scheduled trial date has been vacated and remains so until the Supreme Court makes a ruling on the certiorari petition. The outcome of this petition could have implications for the continuation or dismissal of the lawsuit.
Where can I find more detailed information about this lawsuit?
This 8-K filing supplements the description of the class action lawsuit found in Note 10, 'Commitments and Contingencies,' under the 'Legal Proceedings – Class Action' section of First Solar's condensed consolidated financial statements in their Quarterly Report on Form 10-Q filed on May 3, 2019.
04—Continue