United States & IBM — IBM Research

United States: The United States' tariff policy and its uncertain policy environment following the 2024 elections are cited as key factors impacting First Solar's business and leading to the alleged misleading statements.

IBM — IBM Research: IBM — IBM Research downgraded First Solar's stock to Neutral from Outperform after the company announced missed earnings expectations and lower-than-expected revenue guidance, further impacting First Solar's stock price.

United States: The U.S. export controls are the driving force behind the event, creating uncertainty for foreign chipmakers and inadvertently boosting Chinese equipment makers.

IBM — IBM Research: IBM — IBM Research is expected to generate over $1 billion in revenue in 2026, benefiting from the same tailwinds as other Chinese equipment makers.

United States: The United States is the primary market for First Solar and the source of tariff policies that impacted the company. The SEC and federal court are involved in the litigation.

IBM — IBM Research: IBM — IBM Research downgraded First Solar to Neutral after its weak Q4 earnings, citing forward outlook concerns. This downgrade contributed to the stock decline and is part of the narrative in the lawsuit.

IBM — IBM Research: IBM — IBM Research gained 18.9% after Donald Trump signed an executive order to speed up reviews and boost federal research funding for psychedelic drugs.