Case Spotlight: First Solar Inc. Reaches $350m Settlement Agreement

Disbursement DateCase NameClaim DeadlineSettlement Fund
1/09/2020CELADON GROUP, INC02/25/2019$5,500,000.00
01/13/2020NANTKWEST,INC.04/26/2019$12,000,000.00
01/21/2020AMAYA, INC.11/13/2018$5,750,000.00
01/27/2020JOY GLOBAL, INC.01/14/2019$20,000,000.00
01/27/2020SABA SOFTWARE, INC.11/26/2018$19,500,000.00
01/31/2020ALLERGAN, INC.08/07/2018$250,000,000.00
02/20/2020GT ADVANCED TECHNOLOGIES, INC.07/12/2018$36,700,000.00
02/20/2020STEMLINE THERAPEUTICS, INC.10/23/2019$680,000.00
02/24/2020VISTA OUTDOOR, INC.11/26/2018$6,250,000.00
02/26/20203D SYSTEMS CORPORATION07/11/2018$50,000,000.00
02/27/2020CPI CARD GROUP, INC.01/30/2019$11,000,000.00
02/28/2020TRANS1, INC.01/02/2019$3,250,000.00
03/17/2020RH, INC.10/08/2019$50,000,000.00
03/18/2020BIG LOTS, INC.10/08/2018$38,000,000.00

CASE BACKGROUND

In Q3 2009, First Solar Inc., one of the largest and most successful U.S. solar-panel manufacturers, announced the discovery of a defect that impacted 4% of the panels it produced between June 2008 and June 2009. The company pledged to replace any faulty panels distributed to customers. It was not until July 2010 that First Solar logged the impact of those claims on its financials, which accounted for tens of millions of dollars. In Q4 2011, the warranty-related expenses increased causing an 11% decrease in the share price.

A class action lawsuit was filed in 2012 accusing First Solar of failing to provide a clear picture of its warranty-related costs in financial filings whereby shares dropped nearly 90% between Spring 2009 and Winter 2012.

CLASS DEFINITION

All persons and entities who purchased or otherwise acquired the Company’s shares during the period April 30, 2008 and February 28, 2012.

RECENT UPDATE

On January 6, 2020, First Solar Inc. announced that they agree to pay $350m to settle the previously disclosed class action litigation filed in 2012 (Smilovits v. First Solar, Inc., et al., No. 2:12-cv-00555-DGC).

IMPORTANT DATES AND DEADLINES

  • Final Approval Hearing; February 14, 2020

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

frtAdmin