First Solar Wins Dismissal of Securities Fraud Class Action

First Solar Inc. dodged a securities fraud class action because the Florida pension fund that brought the suit didn’t show the company had an intent to defraud or concealed any risks that could have diminished the stock price.

Palm Harbor Special Fire Control & Rescue District Firefighters Pension Plan alleged First Solar misled investors about about developments with its solar module, Series 6, meant to result in a 40% reduction in cost-per-watt compared to an earlier model.

The pension fund argued First Solar knew about problems with the Series 6 modules because problems were discussed at town hall meetings, in ...