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9th Circ. Upholds First Solar Win In Derivative Suit

Law360 (June 13, 2018, 8:54 PM EDT) -- In a published opinion Wednesday, a Ninth Circuit panel affirmed the dismissal of a derivative shareholder suit against First Solar Inc. over allegations that some of its corporate officers approved documents concealing the existence of defects in company-made solar panels, finding the investors did not show demand futility.

The shareholders had not made a demand to the board before bringing the derivative action, Wednesday’s opinion said, and thus needed to show why making a demand was futile. They had argued that, based on a previous Delaware...
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