Lawsuit Says Biden-Backed Solar Company Lied About Effectiveness of Solar Modules

Investors are suing a Biden-backed solar energy company that received a $500 million federal loan last month, claiming the company lied to shareholders about the effectiveness and financial viability of its solar modules. A Michigan municipal pension fund alleges that executives at First Solar, which is owned by Biden megadonor and Walmart heir Lukas Walton, made “false and misleading statements” to investors and failed to disclose that its solar module was “grossly underperforming and was unable to hit its wattage targets.” Those claims and omissions, the fund alleges, artificially inflated the company’s stock price in 2019 and led to investor losses.

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