Notable News to Watch: First Solar (NASDAQ:FSLR)

First Solar (NASDAQ:FSLR) stock identified change of 23.44% away from 52-week low price and recently located move of -18.39% off 52-week high price. It has market worth of $5.98B. FSLR stock has been recorded 3.28% away from 50 day moving average and -5.06% away from 200 day moving average. Moving closer, we can see that shares have been trading -0.08% off 20-day moving average.

On Jan. 6, 2020, First Solar (NASDAQ:FSLR) revealed that it has entered into a Memorandum of Understanding (MOU) to settle the previously disclosed class action litigation filed in the United States District Court for the District of Arizona titled Smilovits v. First Solar, et al., No. 2:12-cv-00555-DGC (the Class Action). This lawsuit was filed in 2012.

First Solar has agreed to pay a total of $350 million to settle the claims brought on behalf of all persons who purchased or otherwise acquired the Company’s shares between April 30, 2008 and February 28, 2012. The parties have agreed to negotiate in good faith to execute definitive stipulations of settlement and related documents to be filed with the court, which will not contain any admission of liability, wrongdoing or responsibility by any of the parties and will provide that upon final approval of the settlement, it will be dismissed with prejudice, with mutual releases by all parties. The settlement is subject to approval by the United States District Court for the District of Arizona.

We are confident that resolving this matter is the right business decision for First Solar and its shareholders, said Mark Widmar, Chief Executive Officer of First Solar. While we are confident in the facts and the merits of our position, we believe it is prudent to end this protracted and uncertain class action litigation process, and focus on driving the business forward.  We remain in a strong financial position, are pleased with our progress with Series 6 and our contracted customer pipeline, and are focused on executing our global strategy and serving our customers.

As previously disclosed, given the uncertainties of trial, the Company had not been in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the range of potential loss in connection with the Class Action.  As a result of the entry into the MOU, the Company expects that the above referenced $350 million will be incorporated into the results of operations and financial condition of the Company for the fiscal year ended December 31, 2019.

The Technology sector company, First Solar noticed change of -0.35% to $56.5 along volume of 824169 shares in recent session compared to an average volume of 1.17M. The stock observed return of -0.91% in 5 days trading activity. The stock was at 7.68% over one month performance. FSLR’s shares are at -0.23% for the quarter and driving a 18.35% return over the course of the past year and is now at 0.96% since this point in 2018.

The average volatility for the week at 2.41% and for month was at 2.31%. There are 105.78M shares outstanding and 75.95M shares are floated in market. Right now the stock beta is 1.29.

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