The complaint, filed by Levi & Korsinsky, LLP, targets the period between February 26, 2025, and February 24, 2026. During this window, First Solar repeatedly cited generic tariff risks in its SEC filings. However, the lawsuit contends these statements masked severe operational realities, including the termination of a 6.6-gigawatt contract with a BP affiliate and the mounting costs of an onshoring program in South Carolina.

According to the allegations, First Solar’s leadership characterized the trade environment as favorable even as production in Malaysia and Vietnam became economically unviable. Investors saw the impact of these undisclosed issues on January 7, 2026, and February 25, 2026, when the stock price fell by 10.29% and 13.61% respectively. The firm argues that boilerplate warnings cannot shield a company when management is aware of specific, material disruptions to its core operations. Shareholders seeking to participate in the action must meet a lead plaintiff deadline of August 24, 2026.