Business Context and Reporting Period
This Form 8-K is a current report filed by First Solar, Inc. on May 15, 2019. The filing serves as a supplement to the legal proceedings disclosure previously provided in the Company's Form 10-Q filed on May 3, 2019. The report specifically addresses the status of a class action lawsuit titled Smilovits v. First Solar, Inc., et al.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. It is a disclosure regarding legal proceedings only.
Material Changes
The material change reported is the filing of a submission by the Solicitor General of the United States with the U.S. Supreme Court regarding the Company's pending petition for a writ of certiorari in the Smilovits class action lawsuit.
Guidance, Outlook, and Legal Contingencies
- Legal Proceedings: The lawsuit was filed on March 15, 2012, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 regarding false statements about financial performance between April 30, 2008, and February 28, 2012.
- Procedural History: The Ninth Circuit affirmed the District Court's partial summary judgment on January 31, 2018. The Company petitioned the Supreme Court for certiorari on August 6, 2018.
- Recent Development: On May 15, 2019, the Solicitor General filed a submission indicating the U.S. views that the petition for a writ of certiorari should be denied.
- Current Status: The Supreme Court has not yet ruled on the petition. The trial date in the Arizona District Court remains vacated pending the outcome of the certiorari petition.
Key Facts for Investor Verification
- The Solicitor General has recommended denying the Company's petition to the Supreme Court, which may lead to the reinstatement of the trial.
- The Supreme Court has not issued a final ruling on the petition as of the filing date.
- The lawsuit seeks damages, interest, and attorneys' fees for securities purchased between 2008 and 2012.
- No financial impact or settlement amount is disclosed in this specific filing.