Chicago Clearing

Blogs

Eight Years in the Making, First Solar Settlement Provides $350 Million to Harmed Investors
April 01, 2020

Quick facts about this settlement


Case Name: First Solar

Settlement Fund: $350,000,000

Deadline: 7/1/2020

Class Period: 4/30/2008 – 2/28/2012


The first complaint against First Solar, the solar panel manufacturing company, was filed on May 15, 2012. The typical securities class action takes about two and a half years to resolve, so the fact this one lasted nearly eight tells you that First Solar fought the case very hard. Indeed, they appealed to the Ninth Circuit not once but twice and even filed a petition to the Surpeme Court.

“As multi-billion-dollar fraud schemes go,” plaintiff attorneys wrote in their complaint, “Defendants’ was fairly simple… [Company executives] spent years convincing investors that First Solar had a winning formula for reducing manufacturing costs so rapidly and dramatically as to make solar power competitive with fossil fuels. They perpetuated their fraudulent self-portrayal by concealing and misrepresenting the nature and extent of major manufacturing and design defects in their solar modules.”

Thanks to this alleged scheme, plaintiffs claim that “after the sun had set on the Class Period, Solar’s stock had fallen from over $310 to under $30.”

If you or your clients lost money in First Solar, Chicago Clearing can help. Don’t let the antique class period scare you. CCC has the experience and savvy to find and normalize trade data no matter how old or where it is sourced. We will even hunt it down for you.

This settlement is one of a dozen we added in March alone that collectively total nearly a billion dollars. Funds from financial class actions settlements will both be a great recovery opportunity and a reliable liquidity stream in 2020. Please call us today if you are interested in discussing this or any other class action.


Written By: Dennis O'Toole

I could go on and on, but bottom line, the fees being charged are much less than what I was spending in house to file and this is just one less thing I have to spend time trying to figure out how to complete on a consistent basis. Dealing with the CCC staff has been a very positive thing.

- National Bank

We were spending countless hours on class action claims before we signed on with CCC in January. Matt Murray and their technical team ensured our data transmission was seamless and secure. We found everyone at CCC to be professional, courteous, and accommodating.

- Savings Bank

Signing with CCC has made a huge difference. Before, it was horrible. We had to print thousands of pieces of paper, invite clients to come in and sit down with us to show them where to find the transactions, how to input them into the Proof of Claim forms. Now it's simple. It’s very nice to be able to tell our client, “You can shred that Proof of Claim form because CCC has it taken care of.

- Registered Investment Advisor

Your client reporting portal and customer service is the reason we chose Chicago Clearing. I send the data on an annual basis to CCC and they take it from there. My clients are protected (if there is a class action, it is getting filed), the Bank is protected (we are meeting our fiduciary obligation by filing the claims).

- Bank

Contact Us

404 South Wells St., Suite 600,
Chicago, IL 60607 – United States
Phone: (312) 204-6970
Email:
info@chicagoclearing.com

About Us

Chicago Clearing Corporation is the
industry leader in class-action services.

2024 © Chicago Clearing Corporation. All rights reserved. Terms and conditions