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Published May 8, 2025
Solaris Energy left investors in the dark when it bought out a company with no employees, no turbines, and no track record. When investors saw the light, they shut off their Solaris shares, sending the stock’s price crashing almost seventeen percent. Now, some investors have filed a class action against the Company.
Solaris Energy provides equipment in the oil and gas industry. In July 2024, it announced the buy-out of MER. Solaris finalized the MER buy-out in September and boasted about the major value MER provided to Solaris.
But, the lawsuit says the only thing MER brought Solaris was a ton of debt.
In March 2025, Morpheus Research published a report showing MER has no employees, no turbines, and no track record in the energy industry. In fact, the report says MER’s CEO is a convicted conman. Morpheus also alleged Solaris was using dodgy accounting methods to fraudulently boost its assets.
When investors got wind of this news, they dumped their shares and Solaris’ stock price tumbled. Now more investors are joining the lawsuit.