First Solar Investor Accuses Execs Of Insider Trading

Law360, New York (April 5, 2012, 3:57 PM EDT) -- A shareholder of First Solar Inc. on Monday hit the ailing manufacturer with a lawsuit accusing company executives of selling nearly $380 million in stock based on insider information about a product defect that, once made public, sent the company's shares into a tailspin.

The Arizona-based company builds solar panels that employ thin-film semiconductor technology, and a defect in those goods recently led to nine-figure losses for the firm.

An investor named Chuluuntsetseg Tsevegmid brought the shareholder derivative suit, alleging that 10 high-ranking First Solar employees...
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