According to foreign media reports, First Solar, an American photovoltaic company , is currently facing an investigation into its business practices. Whether the company and some of its executives and directors are suspected of securities fraud or other illegal acts . According to the
report, the investigation took place in the context of the downgrade of First Solar's stock by Jefferies, a well-known investment bank in the United States, on January 7, 2026. Shares of
First Solar fell $27.67, or 10.29% , to close at $241.11 on Jan. 7, 2026.

Jefferies explained in the report why it downgraded the company's stock rating: First Solar's 2025 guidance was lowered . The stock was downgraded to "Hold" from "Buy" due to margin pressure and increased order fulfillment risk.
Looking back, First Solar's share price rose sharply during 2025 as it expanded its manufacturing and operations in the United States: It rose to a stage high of $284.59 on December 22. The correction of about 10% in early January was also seen by the market as a periodic correction after the previous rapid rise.
Jefferies stressed in the downgrade that First Solar's current order visibility is limited and market concerns about the risk of order cancellation are rising. At the same time, the company relies heavily on the 45X advanced manufacturing tax credit in the Inflation Reduction Act (IRA) .
Earlier, in the third quarter of 2025, First Solar lowered its full-year guidance, lowering its full-year net sales forecast from $ 4.9 billion to $5.7 billion to $4.95 billion to $5.2 billion. As for the reasons for the downward guidance, the company said that "the decline in international sales due to the termination of cooperation by customers was partially offset by the termination of payments". (For details, please click: Performance Exceeds Expectations! Photovoltaic leader plans to rebuild module factories in the United States).
For now, the investigation, which is being driven by New York-based law firm Pomerantz, is still in its early stages.
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