Vietnam & Jefferies

Vietnam: First Solar's production facilities in Vietnam were subject to U.S. tariffs and experienced intentional underutilization, impacting the company's projected performance.

Jefferies: Jefferies downgraded First Solar's stock to Hold from Buy, citing lowered guidance, de-bookings, and margin compression, which contributed to a significant drop in First Solar's stock price.

Vietnam: Vietnam is another country with First Solar production facilities. Tariffs and underutilization of these facilities are central to the allegations.

Jefferies: Jefferies downgraded First Solar to Hold on January 7, 2026, citing lowered guidance, de-bookings, and margin compression. This downgrade was a key disclosure event that triggered a stock drop and is central to the lawsuit.

Vietnam: Lululemon manufactured 40% of its products in Vietnam, and goods imported from Vietnam to the United States face heavy duties, contributing to tariff pressures.

Jefferies: Jefferies analysts believe that Lululemon's guidance cuts will continue and become more severe through the end of the fiscal year.