The Mineworkers’ Pension Scheme (plaintiff) bought stock in First Solar, Inc. (defendant). The pension fund brought suit against First Solar, alleging that the company engaged in securities fraud under section 10(b) of the Securities Exchange Act of 1934. Specifically, the pension fund alleged that First Solar became aware of a manufacturing defect in one of its products but initially concealed the defect from investors, and later misrepresented the extent of the defect. When the full extent of the defect became public, First Solar’s stock price decreased from $300 per share to approximately $50 per share. The district court largely denied First Solar’s motion for summary judgment but then certified the question of the proper loss-causation standard for section 10(b) claims to the United States Court of Appeals for the Ninth Circuit.