Security Investigation
Shoals Technologies Group, Inc. (NasdaqGM: SHLS)
23 Days left to seek lead plaintiff status.
Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 21, 2024 to file lead plaintiff applications in a securities class action lawsuit against Shoals Technologies Group, Inc. (NasdaqGM: SHLS).
Shoals and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 7, 2023, the Company filed its 3Q2023 Quarterly Report disclosing that a defect with its wiring harnesses involving excessive pull back of wire insulation, or “shrinkback,” was far more severe than previously disclosed. Specifically, the Company reported that the shrinkback issue affected 30% of its harnesses installed between 2020 and 2022, booked a $50.2 million warranty expense for the quarter related to the shrinkback issue, and provided a range of potential loss related to the shrinkback issue of $59.7 million to $184.9 million.
On this news, the price of Shoals’ shares fell $3.28 per share, or more than 20%, over the next two trading days, from a closing price of $16.23 per share on November 7, 2023 to a closing price of $12.95 per share on November 9, 2023, wiping out approximately $550 million in market capitalization.
If you purchased shares of Shoals and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The case is Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefits Fund v. Shoals Technologies Group, Inc. et al., 24-cv-00334.