First Solar Shareholders Win Class Cert. In Fraud Case
By Zachary Zagger
Law360, New York (October 9, 2013, 7:49 PM ET) -- An Arizona federal court on Tuesday certified a class of shareholders accusing First Solar Inc. officers and directors of making misrepresentations to investors to inflate the company's stock price, saying that common issues of the class predominated under the fraud on the market theory.
U.S. District Judge David G. Campbell granted certification to a class of shareholders who purchased First Solar stock between April 30, 2008. and Feb. 28, 2012.
The issue of certification turned on the predominance requirement of Rule 23(b)(3) of the Federal Rules...