First Solar chief sells 40% of shares in firm

2/26/2010

TEMPE, Ariz. — First Solar Inc. Chairman Michael Ahearn, who steered the solar-panel maker into the S&P 500 index after it was funded by the Wal-Mart Stores Inc. family fortune, has sold more than 40 percent of his holding for $142 million.

Mr. Ahearn sold 1.3 million shares at an average price of $109.05, according to a filing this week. He began selling on the first trading day after releasing fourth-quarter earnings on Feb. 19. The stock fell $2.16, or 2.1 percent, to $102.97 in Nasdaq composite trading.

First Solar was founded in Toledo and was bought in 1999 by billionaire John T. Walton, who moved the headquarters.

Its only panel plant in North American is in Perrysburg Township.

The firm has watched its stock struggle as solar companies around the world seek profits amid the recession, less financing, and tumbling prices for solar panels.

“This is a clear signal that he sees headwinds,” said Gordon L. Johnson, head of alternative energy research at Hapoalim Securities USA Inc. in New York. “This should send a very negative signal.''