NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Shoals Technologies Group, Inc. (NASDAQ: SHLS)?
- Did you purchase your shares between May 17, 2022 and November 7, 2023, inclusive?
- Did you lose money in your investment in Shoals Technologies Group, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (NASDAQ: SHLS) between May 17, 2022 and November 7, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Middle District of Tennessee and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Shoals common stock, and/or would like to discuss your legal rights and options please visit Shoals Technologies Group, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) Shoals did not deliver electrical balance of system (“EBOS”) products that met the highest levels of quality and reliability; (2) Shoals had received reports of exposed copper conduit in EBOS wire harnesses in a large number of solar fields and was aware that a significant portion of its wire harnesses had defects; (3) Shoals would have to incur between $60 million to $185 million in costs to remediate “wire shrinkback” – the tendency for the insulation of a wire to pull back from a splice or termination connector; and (4) Shoals had understated its cost of revenue by millions of dollars.
On November 7, 2023, Shoals stunned the market by revealing that the Company had been forced to take an additional $50.2 million charge for warranty expense as result of the wire shrinkback issue. Shoals further advised that it expected the wire shrinkback issue to cost between $59.7 million and $184.9 million dollars to remedy.
On this news, Shoals’ stock price declined by $1.63 per share, or over 10%, to close at $14.60 per share on November 8, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Shoals common stock, and/or would like to discuss your legal rights and options please visit Shoals Technologies Group, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
