This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

First Solar Says SEC Investigating Possible Reg FD Violation

Stocks in this article: FSLR

NEW YORK ( TheStreet) -- First Solar (FSLR - Get Report) disclosed in its annual 10-K filing this week that it is being investigated by the Securities and Exchange Commission for a possible violation of Regulation FD.

The issues behind the potential Regulation FD violation are related to the Department of Energy's decision to not provide loan financing for First Solar's Topaz solar project , first reported here.

Regulation Fair Disclosure mandates that publicly traded companies cannot selectively disclose any non-public information of a material nature.

First Solar stated in its 10-K that on Sept. 23, 2011, it informed the staff of the Securities and Exchange Commission that the company was opening an internal investigation regarding a possible violation of Regulation FD. The company stated that the possible violation arose in connection with disclosures on Sept. 21, 2011, relating to the failure of the Topaz Solar Farm project to meet the deadline to receive a federal loan guarantee from the U.S. Department of Energy.

Following completion of the company's internal investigation, First Solar appointed a new vice president of investor relations, David Brady.

The SEC, pursuant to an order dated Nov. 17, 2011, is investigating the matter, according to the First Solar 10-K, and the solar company said it is cooperating with the SEC's investigation.

First Solar shares have declined 15% this week after fourth-quarter earnings and the 2012 outlook portrayed a solar company in the midst of a critical yet uncertain long-term strategic shift. First Solar also disclosed panel performance issues related to intense heat operating conditions.

-- Written by Eric Rosenbaum from New York

RELATED STORIES:


>To contact the writer of this article, click here: Eric Rosenbaum.

>To follow the writer on Twitter, go to Eric Rosenbaum.

Follow TheStreet on Twitter and become a fan on Facebook.

To submit a news tip, send an email to: tips@thestreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,332.62 -346.08 -1.96%
S&P 500 2,027.32 -29.77 -1.45%
NASDAQ 4,685.9290 -85.8340 -1.80%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs