First Solar, Inc., is one of the worlds largest producers of photovoltaic solar panel modules. When First
Question:
First Solar, Inc., is one of the world’s largest producers of photovoltaic solar panel modules. When First Solar revealed to the market that the company had discovered defects in its products, the price of the company’s stock fell, causing the shareholders to suffer an economic loss. Mineworkers’ Pension Scheme and other First Solar shareholders filed a suit in a federal district court against the firm and its officers, alleging a violation of Section 10(b). The plaintiffs contended that for more than two years, First Solar had wrongfully concealed its discovery, misrepresented the cost and scope of the defects, and reported false information on financial statements. On these facts, can the plaintiffs successfully plead the causation element of a securities fraud action under Section 10(b)? Explain. [Mineworkers’ Pension Scheme. v. First Solar, Inc., 881 F.3d 750 (9th Cir. 2018)] (See The Securities Exchange Act of 1934.)
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Business Law Text And Cases
ISBN: 9780357129630
15th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller