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Arizona solar company settles $350M lawsuit with investors

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Posted at 12:05 PM, Jan 08, 2020
and last updated 2020-01-08 14:11:41-05

TEMPE, Ariz. - A Tempe-based solar system production company has agreed to settle a $350 million lawsuit brought by investors who bought or acquired company shares between April 2008 and February 2012.

The Arizona Republic reported Tuesday that the First Solar Inc. agreement settles a lawsuit filed in 2012, a day before jury selection was scheduled to begin.

Law firm officials representing investors say the lawsuit alleged that First Solar violated securities law by hiding a manufacturing defect.

Officials say tens of thousands of individual investors and other institutions were affected. Company officials say the settlement won't include an admission of liability, wrongdoing or responsibility.