First Solar Securities Litigation
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Welcome to the First Solar Securities Litigation Website

Pursuant to the Court’s Order, dated June 22, 2020, the Settlement Hearing to consider Class Plaintiffs’ motion for final approval of the Settlement and Plan of Allocation and Lead Counsel’s motion for an award of attorneys’ fees and expenses and awards to Class Plaintiffs, scheduled for June 30, 2020, at 1:30 p.m. MST, shall be conducted telephonically at the date and time previously scheduled. The Order is available here.

Any individuals who wish to participate in the hearing may do so by dialing 800-504-8071 and entering the following access code: 3383871#.

This website has been established to provide general information related to the proposed settlement of the case styled Smilovits, et al. v. First Solar, Inc., et al., No. 2:12-cv-00555-DGC (the "Litigation"), pending before the United States District Court for the District of Arizona (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated February 13, 2020, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement. If you purchased or otherwise acquired the publicly-traded securities of First Solar, Inc. ("First Solar") during the period between April 30, 2008 and February 28, 2012, inclusive, (the “Class Period”) and are not otherwise excluded, you are a Class Member.

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Proposed Settlement of Class Action (the "Notice"), the initial complaint in this action was filed on March 15, 2012. On July 23, 2012, the Court appointed Lead Plaintiffs and Robbins Geller Rudman & Dowd LLP as Lead Counsel.

While vigorously litigating this case for seven years, Lead Plaintiffs and the Defendants engaged the services of the Honorable Layn R. Phillips (Ret.), a retired United States District Court Judge and an experienced mediator. On January 5, 2020, the Settling Parties reached an agreement in principle to resolve the Litigation for $350 million, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement fund of $350,000,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM AND RELEASE The only way to be eligible to receive a payment from the Settlement. Proofs of Claim and Release must be postmarked (if mailed) or received (if submitted online) on or before July 1, 2020.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION Write to the Court about why you do not like the Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. Objections must be postmarked on or before June 9, 2020.
GO TO THE HEARING ON JUNE 30, 2020, AND FILE A NOTICE OF INTENTION TO APPEAR Ask to speak in Court about the fairness of the Settlement. Requests to speak must be postmarked on or before June 9, 2020. If you submit a written objection, you may (but you do not have to) attend the hearing.
DO NOTHING Receive no payment. You will, however, still be a Class Member, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Person about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: July 1, 2020
File Objection: June 9, 2020
File Notice of Intention to Appear: June 9, 2020
Court Hearing on Fairness of Settlement: June 30, 2020, at 1:30 p.m.