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The case is in response to a downgrade of First Portray voltaic’s inventory (FSLR) by investment banking and capital markets agency Jefferies earlier this month, which saw it drop by US$27.67 per piece, or around 10%, on the NASDAQ as of 7 January 2026.

Jefferies cited lowered guidance for 2025 and a compressed margin, to boot to the probability of “de-bookings” in its solution to downgrade First Portray voltaic inventory from “retain” to “aquire”.

Original York-essentially based legislation agency Pomerantz, a agency specialising in defrauded investor cases, is conducting the investigation.

First Portray voltaic’s inventory mark had risen hugely over the route of 2025, in tandem with its operational growth within the US. FSLR traded at US$129.6 on 31 March 2025 and hit a high of US$284.59 on 22 December 2025. The firm has moreover opened quite lots of manufacturing and be taught bases on US soil. The roughly 10% drop at the delivery up of January might perchance perchance, then, potentially be viewed as a route correction after an enormous drawl duration.

On the different hand, in its downgrade, Jefferies cited restricted reserving visibility in First Portray voltaic’s operations, increasing worries over reserving cancellations and the firm’s heavy exposure to Allotment 45X improved manufacturing tax credit score. These might perchance perchance counsel there became extra within the support of the option than presumably inflated inventory mark.

The firm has previously acknowledged it has an intensive backlog of module gross sales, and PV Tech reported as far support as 2023 that First Portray voltaic had supplied all of its module capability through 2026. The handiest public stories of module show cancellations for First Portray voltaic were with Lightsource bp, the subsidiary of oil and gasoline extensive bp, for which the module producer is searching out for damages.

First Portray voltaic has reworked US$2 billion in 45X tax credit score deals to this point, with its most modern US$175 million credit score switch deal closing in October. Overall, renewables tax credit score supplied underneath the Biden administration’s Inflation Good deal Act (IRA) were harshly scaled support within the Trump administration’s reconciliation invoice closing summer, but 45X credit score remained rather untouched. First Portray voltaic CEO Price Widmar has moreover acknowledged that the novel White House policies “support” First Portray voltaic’s quandary relative to its competition.

The firm did revise its guidance for the 2025 financial three hundred and sixty five days down in its Q3 financial file, lowering earn sale forecasts down from between US$4.9-5.7 billion to between US$4.95-5.2 billion. First Portray voltaic blamed this downgrade on a photograph voltaic glass present chain scenario and the contract termination with Lightsource.

PV Tech has contacted First Portray voltaic for comment on this chronicle.