First Solar Reaches Settlement For Pending Class Action Lawsuit

(RTTNews) - First Solar, Inc. (FSLR) announced Monday that it has entered into a Memorandum of Understanding to settle the previously disclosed class action litigation filed in the U. S. District Court for the District of Arizona titled Smilovits v. First Solar, Inc., et al., No. 2:12-cv-00555-DGC. This lawsuit was filed in 2012.

First Solar has agreed to pay a total of $350 million to settle the claims brought on behalf of all persons who purchased or otherwise acquired the Company's shares between April 30, 2008 and February 28, 2012.

The settlement is subject to approval by the United States District Court for the District of Arizona.

As a result of the entry into the MOU, the Company expects that the above referenced $350 million will be incorporated into the results for the fiscal year ended December 31, 2019.

The previously disclosed lawsuit titled Maverick Fund, L.D.C. v. First Solar, Inc., et al., No. 2:15-cv-01156-ROS, filed in Arizona District Court by putative stockholders that opted out of the Class Action, remains pending.

The previously disclosed derivative lawsuit titled Bargar, et al. v. Ahearn, et al., No. CV2013-009938, filed in the Superior Court of Arizona, Maricopa County, also remains pending.