Ex-First Solar exec charged by SEC

2013-09-06T17:31:00Z Ex-First Solar exec charged by SECThe Arizona Republic Arizona Daily Star
September 06, 2013 5:31 pm  • 

Regulators are charging a former executive from Tempe’s First Solar Inc. $50,000 in penalties for telling certain people the company was missing a big business opportunity before the company disclosed that to the general public, The Arizona Republic reports.

The Securities and Exchange Commission said that on Sept. 21, 2011, then-Vice President Larry Polizzotto spoke with several analysts on the phone and told them that the company was not going to get a major federal loan guarantee to build a power plant. The company was expecting three such deals to come through at the time, and the failure to land one was big news once it was made public, sending the stock lower.

The SEC will not bring enforcement action against First Solar because the company issued a news release the day after Polizzotto made the disclosures before the markets opened, reported the misconduct to regulators and took remedial measures such as adding additional employee training regarding disclosures. 

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