June 14, 2018 / 11:25 AM / in 10 months

9th Circuit throws some shade on First Solar shareholders in derivative appeal

A group of First Solar shareholders cannot sue the company’s officers and directors for allegedly breaching their fiduciary duties by downplaying the severity of manufacturing problems with its rooftop panels, a federal appeals court held on Monday.

A unanimous three-judge panel of the 9th U.S. Circuit Court of Appeals affirmed a ruling by a federal judge in Phoenix, Arizona, who dismissed the action after finding the plaintiffs deliberately skipped a step required by the Federal Rules of Civil Procedure.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2JFCLLy

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