Biden-Backed Solar Company Lied About Effectiveness of Solar Modules, Lawsuit Says – IOTW Report

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

WFB: 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.

The class-action suit comes after the U.S. International Development Finance Corporation (DFC) granted First Solar a $500 million federal loan in December to build a module manufacturing facility in India as part of President Joe Biden’s “Build Back Better World” initiative. The funding drew concerns from ethics watchdogs that questioned whether the company’s political connections—including Walton’s substantial donations in 2020 to Biden and the Democratic National Committee—played any role in the decision. The DFC has denied any political considerations.

First Solar and the DFC did not respond to requests for comment.

In the lawsuit filed last week, the Pontiac City General Employees Retirement System claimed that First Solar’s CEO and other senior executives failed to disclose that the company’s solar module technology was “not commercially ready at the time of its release, had a component that was failing in the field and causing fires, was not able to hit its projected and touted wattage targets, and had an inconsistent output—all of which put First Solar at a competitive disadvantage.” more here

7 Comments on Biden-Backed Solar Company Lied About Effectiveness of Solar Modules, Lawsuit Says

  1. Hmmmmm wasn’t Walmart one of the mega store chains that were allowed to stay open during lockdown while mom&pop places went out of business, or were fined for staying open?

  2. This sounds like Solyndra v2.0. I don’t feel sorry for anyone fool enough to invest in one of these green nude steal scams. They have been around long enough that anybody that actually uses that mass of protoplasm between their ears for its intended purpose, should able to see it’s a scam.

    As for the government providing 500 million for a solar plant in India, I’ll make three predictions.
    1) The plant will never be built.
    2) The loan will never be repaid.
    3) Nobody is accountable.

  3. Jackass Joe saw first-hand what kind of money was involved when the Øbamboozler was running these scams and said “I gots to get me some of that!”

  4. 500 million, gone, just like that, snap-swoosh!!!!!
    solar & wind are all bs.When the last solar panel
    burns out and the rare earth metals have been depleted
    humans will be back in the caves and trees…..

  5. Sounds like Solyndra v2.0, doesn’t it? I have no sympathy for anyone who has been duped into investing in one of these green naked steal schemes. The fact that they’ve been around for so long should make it obvious to anyone who actually uses the mass of protoplasm between their ears for its original purpose that it’s a hoax.

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