Settlement of Mark Smilovits v. First Solar, Inc., et al.
On January 5, 2020, the parties reached a settlement of this action, pending in the United States District Court for the District of Arizona. The settlement provides for the payment of $350 million for the benefit of eligible Class Members. Lead Plaintiffs Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme alleged that the Defendants violated the Securities Exchange Act of 1934 by making materially false and misleading statements or omitting to state material facts necessary to make statements made by Defendants in public filings and other public statements not misleading. Plaintiffs further allege that when the true facts regarding the alleged misstatements were revealed, artificial inflation was removed from the price of First Solar, Inc. (“First Solar”) publicly-traded securities, damaging members of the Class.
The Class consists of all Persons who purchased or otherwise acquired the publicly-traded securities of First Solar between April 30, 2008 and February 28, 2012, inclusive. Excluded from the Class are: Defendants, members of the immediate families of each of the Defendants, the officers and directors of First Solar, at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants had a controlling interest. The Class also excludes plaintiffs in the action Maverick Fund, L.D.C. v. First Solar, Inc., et al., Case No. 2:15-cv-01156-DGC (D. Ariz.), and any Class Member that validly and timely requested exclusion in accordance with the requirements set by the Court in connection with the Notice of Pendency of Class Action previously provided to the Class.
The settlement was approved by the Court on June 30, 2020.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900. You may also obtain additional information on the dedicated settlement website: www.fslrsecuritieslitigation.com.