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Shares of solar energy technology provider First Solar (FSLR) are off $2.44, or 11%, at $20.11, breaking what had been a run up in the last month or so, after Avian Securities's Mark Bachman today cut his rating on the shares from "Positive" to "Negative," warning that "a reliability issue related to the module junction box on First Solar modules is surfacing."

First Solar, contends Bachman, has been contacting customers to remedy a problem with the so-called junction box that could pose a danger:

We believe the problem is related to the attachment method of affixing the junction box to the back of the module. More specifically, the core plate of the junction box can become exposed, which could pose a danger in terms of electrical shock or possible fire hazard. The core plate of the junction box is the connection point between the module body and lead wires. This is particularly troublesome for rooftop applications, and less so for utility scale solar fields. We believe the company is actively contacting customers in order to replace modules that are in rooftop applications, while also offering a repair procedure for those modules in free-field systems.

Reuters's Sunayan Bhattacharjee and Nicola Groom this afternoon write that a First Solar spokesperson "confirmed the problem but said it would not have a significant impact on earnings." There are 232,000 solar panel modules in the field that can develop a problem with a "loose cord plate," First Solar told the reporters.

The company knows which ones they are and is "working proactively with the system owners to repair or replace the affected modules consistent with our warranty.

Update: First Solar's statement on the matter in its entirety is as follows:

First Solar has determined there are approximately 232,000 modules in the field, manufactured between October 2008 and June 2009, which may over time develop a loose cord plate attachment. We know the serial numbers of the affected modules and are working proactively with the system owners to repair or replace the affected modules consistent with our workmanship warranty. For roof-mounted systems we also will remove and replace the affected modules at no cost to the system owner, which is above and beyond our standard workmanship warranty.The issue is not expected to have a significant impact on earnings and was considered in the updated financial guidance for 2012 that we announced on August 1st.