At the former AstroPower facility in Delaware.
Lack of Ecomagination?
I first heard this now confirmed rumor from a confidential source yesterday.
GE Solar, part of GE Energy and in turn a business unit of the General Electric Company (NYSE:GE), has laid off the second and third production shifts as well as some engineering staff at the their Newark, Delaware USA, manufacturing site.
The apparent driver is inventories of silicon solar modules filling the warehouse.
Per a GE spokesperson:
“Barnett and Stiner agreed to permanent injunctions; payment of civil penalties in the amount of $65,000 and $40,000, respectively; and other sanctions.”
The long, sad tale of photovoltaic manufacturer AstroPower winds down?
It has been a while since I posted AstroPower Saga Continues: Fraud Claims Referred to FBI.
Per this Litigation Release No. 20938 issued on March 10, 2009:
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20938 / March 10, 2009
Accounting and Auditing Enforcement Release No. 2946 / March 10, 2009
Securities and Exchange Commission
Former AstroPower Execs Allen Barnett and Thomas Stiner agreed to pay $1 million USD to settle shareholder lawsuits without admitting culpability The ever trustworthy Steven Church, now with Bloomberg News, reported on the latest developments in AstroPower fraud claims go to FBI, judge rules reprinted in delawareonline: The News Journal. Typical for this saga, there has been a dearth of press coverage.
In Wilmington, Delaware, U.S. District Judge Joseph J. Farnan Jr. ruled the fraud allegations against AstroPower company founder and CEO Allen M. Barnett and CFO Thomas J. Stiner should be referred to the Federal Bureau of Investigation.
Attorneys were ordered to supply the names
Sunday, February 11, 2007 6:51 pm | Edgar A. GuntherComments Off
Trouble under the SunPower
Well, you can tell I have been distracted by personal issues to not notice this blockbuster and underreported news: SunPower sales up; SEC investigates employee (free registration may be required). This story was first reported by Sarah Jane Tribble at the Mercury News with contributions from Troy Wolverton.
Per an amended Current Report 8-K/A filed by SunPower Corporation (NASDAQ:SPWR) with the SEC on January 25, 2007, Peter Aschenbrenner was sent a Wells Notice from the Securities and Exchange Commission (SEC) on December 12, 2006. The Wells Notice relates to Mr. Aschenbrenner’s role
Back in May, General Electric (NYSE:GE) announced the layoff of 85 workers and solar cell production would cease at its Glasgow, Delaware, plant. GE acquired the plant and assets of AstroPower from bankruptcy in March 2004 to form GE Energy, Solar Technologies. As always, delawareonline: The News Journal, in an article by Steven Church, provides the best coverage of events at GE Solar and the former AstroPower. While GE is expanding solar module production using cells from outside suppliers, does this event mark the end of the both recycled wafer and APex™ Silicon-Film™ solar cell technologies developed by solar industry pioneer AstroPower? GE's Global Research Centers will likely continue solar research programs directed towards high performance and low cost photovoltaic cells
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