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Arizona Solar Company Settles $350M Lawsuit With Investors

McKenzie Jones

A Tempe-based solar system production company has agreed to settle a $350 million lawsuit brought by investors who bought or acquired company shares between April 2008 and February 2012. 

The Arizona Republic reported Tuesday that the First Solar Inc. agreement settles a lawsuit filed in 2012, a day before jury selection was scheduled to begin.

Law firm officials representing investors say the lawsuit alleged that First Solar violated securities law by hiding a manufacturing defect.

Officials say tens of thousands of individual investors and other institutions were affected.

Company officials say the settlement won't include an admission of liability, wrongdoing or responsibility.


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