First Solar Securities Class Action Lawsuit Settlement
In this securities class action lawsuit, plaintiffs alleged that for a period that exceeded three years, First Solar, Inc. (Nasdaq: FSLR) misrepresented and omitted material information concerning premature power loss problems in the solar panels that it manufactured. The plaintiffs were represented by Robbins Geller Rudman & Dowd LLP who engaged Valerie Davisson, an affiliated expert of The Michel-Shaked Group, to provide expert testimony from the perspective of an equity analyst. In particular, the expert analyzed and opined on several topics, including the role of securities analysts in covering publicly traded stocks, the state of the solar panel industry at the time of the alleged misrepresentations, and whether the allegedly concealed information would have materially altered analysts’ ability to assess the value of First Solar.
The Michel-Shaked Group team was led by Stephen Kempainen who supported Ms. Davisson in preparing expert reports and assisted her with deposition testimony.
After years of litigation and shortly before the trial was to commence, First Solar agreed to pay $350 million to settle the class action lawsuit. https://www.rgrdlaw.com/news-item-First-Solar-Settles-Long-Running-Securities-Class-Action-Lawsuit-350Million.html