Overview

A class action lawsuit has been filed against First Solar, Inc. (“First Solar” or the “Company”) (NASDAQ : FSLR), and certain of the Company’s senior officers (collectively, “Defendants”), alleging violations of the federal securities laws. The First Solar lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired First Solar securities between February 26, 2025, and February 24, 2026, inclusive (the “Class Period”). Investors have until August 24, 2026, to seek appointment as lead plaintiff of the First Solar class action lawsuit.

First Solar is a solar technology company that manufactures modules used to convert sunlight into electricity. During the Class Period, the Company manufactured its Series 6 Plus modules at facilities including Malaysia and Vietnam, while also expanding domestic manufacturing operations in the United States.

The complaint alleges that Defendants misled investors about First Solar’s ability to manage the impact of changing U.S. tariff policy on its international manufacturing operations. At the beginning of the Class Period, First Solar disclosed that it would reduce production at its Malaysian and Vietnamese facilities during 2025 due to an uncertain U.S. policy environment and an oversupplied Southeast Asian solar market. Nevertheless, Defendants allegedly reassured investors that First Solar remained well positioned, that pricing in the Company’s primary U.S. market remained stable, and that the changing policy and trade environment would be a long-term positive for the Company.

According to the complaint, these statements became increasingly misleading after President Donald Trump’s April 2, 2025 announcement of broad reciprocal tariffs on imported goods, including tariffs affecting Malaysia and Vietnam. Plaintiff alleges that Defendants overstated First Solar’s ability to manage the impact of U.S. tariff policy and understated the extent to which the Company’s response to that policy, including intentionally underutilizing production facilities in Malaysia and Vietnam and attempting to relocate portions of production to the United States, was likely to negatively affect First Solar’s projected performance for fiscal year 2026.

The complaint further alleges that First Solar failed to adequately disclose material risks arising from its tariff-related manufacturing decisions.

The truth began to emerge on January 7, 2026, when Jefferies downgraded First Solar from Buy to Hold. Jefferies observed that the Company had lowered guidance, experienced significant order de-bookings, and suffered margin compression during 2025. Jefferies also warned that First Solar’s international manufacturing facilities remained a concern while tariffs persisted and that underutilization at those facilities remained a risk. Following the downgrade, First Solar’s stock price declined $27.67 per share, or more than 10%, closing at $241.11 per share.

Then, on February 24, 2026, First Solar reported earnings that missed market expectations and issued fiscal year 2026 revenue guidance below analyst forecasts. First Solar also disclosed that demand for its Series 6 international products produced in Malaysia and Vietnam remained constrained and that the Company intended to run remaining end-to-end capacity in Malaysia and Vietnam at low utilization rates during 2026 despite the financial impact of doing so. On this news, First Solar’s stock price fell an additional $33.09 per share, or approximately 13.6%, closing at $210.12 per share on February 25, 2026.

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If you purchased or otherwise acquired First Solar securities between February 26, 2025, and February 24, 2026, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara and Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the First Solar class action lawsuit is August 24, 2026.