What's Going On With First Solar Stock Tuesday?
Portfolio Pulse from Anusuya Lahiri
First Solar, Inc's stock is trading lower after its internal audit revealed instances of forced labor among migrant workers in its Malaysian operations. The audit identified that four subcontracting firms had imposed recruitment fees on these workers and had unjustly retained their salaries and passports. First Solar has mandated the implicated subcontractors to amend their practices and consent to regular reviews to eradicate forced labor.
August 15, 2023 | 1:45 pm
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NEGATIVE IMPACT
First Solar's stock is trading lower due to revelations of forced labor in its Malaysian operations. The company has taken corrective measures which may mitigate the impact in the long term.
The revelation of forced labor in First Solar's operations has negatively impacted its stock price. However, the company's swift response in taking corrective measures may help to mitigate this impact in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100