Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Shoals Technologies Group, Inc. (NASDAQ: SHLS) securities.
If you suffered a loss on your Shoals Technologies investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: This lawsuit is on behalf of all purchasers of Shoals Class A common stock between January 27, 2021 and May 7, 2024 inclusive, including purchases directly in Shoals’ December 2022 secondary public offering of Class A common stock.
CASE DETAILS: The filed complaint alleges that Shoals Technologies Group, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) Shoals did not deliver EBOS, electrical balance of system, products that met the highest levels of quality and reliability; (2) Shoals had received reports of exposed copper conduit in EBOS wire harnessess 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 the wire shrinkback issue; and (4) Shoals had understated its cost of revenue by millions of dollars. As a result, defendants’ positive statements about the Company’s financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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