01—Abstract
Summary
Summary of the 8-K filed July 10, 2019. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from First Solar, Inc. (FSLR) provides an update on a previously disclosed class action lawsuit, Smilovits v.
First Solar, Inc., et al. The core of the lawsuit alleges that the company and certain past and present directors/officers made misleading statements about financial performance and prospects between April 30, 2008, and February 28, 2012. The significant update concerns the U.S. Supreme Court's denial of a petition for a writ of certiorari on June 24, 2019.
This denial means the Supreme Court will not review the case, and it will now proceed to trial in the Arizona District Court, with a trial date set for January 7, 2020. This development moves a long-standing legal matter closer to a resolution, which could have implications for the company depending on the outcome.
02—Key points
Key Highlights
- First Solar is providing a supplement to its legal proceedings disclosure regarding a class action lawsuit.
- The class action lawsuit alleges violations of securities laws due to allegedly false and misleading statements about the company's financial performance and prospects.
- The lawsuit covers purchases of First Solar securities made between April 30, 2008, and February 28, 2012.
- The U.S. Supreme Court denied a petition for a writ of certiorari filed by the defendants on June 24, 2019.
- This denial by the Supreme Court means the case will not be reviewed at that level and will proceed.
- The Arizona District Court has scheduled the trial for this class action lawsuit to begin on January 7, 2020.
- The company is facing potential claims for damages, interest, and legal costs.
03—Questions
Frequently Asked Questions
What is the main subject of this 8-K filing?
This filing is an update on a class action lawsuit, Smilovits v. First Solar, Inc., et al., which alleges that First Solar and certain of its directors and officers made false and misleading statements about the company's financial performance and prospects during a specific period in the past.
What is the latest development in the class action lawsuit?
The most recent development is the U.S. Supreme Court's denial of the defendants' petition for a writ of certiorari on June 24, 2019. This means the Supreme Court will not hear the case, and it will now move forward to trial.
When is the trial for this lawsuit scheduled to begin?
The Arizona District Court has scheduled the trial for the class action lawsuit to commence on January 7, 2020.
What are the potential financial implications for First Solar?
The lawsuit includes claims for damages, interest, and attorneys' fees. The ultimate financial impact will depend on the outcome of the trial, which is now scheduled for January 2020. Investors should monitor any further developments or potential rulings related to this litigation.
04—Continue