Business Context and Reporting Period
Company: FIRST SOLAR, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: November 14, 2018
Subject: Update on legal proceedings regarding a class action lawsuit (Smilovits v. First Solar, Inc., et al.).
Financial Metrics
This filing is a current report regarding legal events and does not contain financial statements. Consequently, data regarding revenue, profit, cash flow, margins, debt, and liquidity is not provided in this document.
Material Changes
The filing reports a procedural update to an ongoing class action lawsuit filed in 2012 alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The material change is the vacating of the previously scheduled trial date by the United States District Court for the District of Arizona.
Outlook, Risks, and Contingencies
- Legal Status: The Ninth Circuit Court of Appeals affirmed the District Court's partial summary judgment on January 31, 2018.
- Supreme Court Petition: Defendants filed a petition for a writ of certiorari to the U.S. Supreme Court on August 6, 2018. As of the filing date, the Supreme Court has not ruled on this petition.
- Trial Status: On November 14, 2018, the District Court vacated the trial date pending the outcome of the Supreme Court petition.
- Claims: The lawsuit seeks damages, interest, and attorneys' fees for securities purchased between April 30, 2008, and February 28, 2012.
Key Facts for Investor Verification
- Verify the current status of the Supreme Court petition for writ of certiorari filed on August 6, 2018.
- Review the "Commitments and Contingencies" section (Note 11) of the Company's Form 10-Q filed on October 26, 2018, for the full description of the lawsuit.
- Monitor for a new trial date once the Supreme Court rules on the certiorari petition.