SHLS - Saxena White P.A. Files New Securities Class Action Lawsuit Against Shoals Technologies Group Inc. and Related Parties Expanding the Claims Asserted | Benzinga
BOCA RATON, Fla., May 08, 2024 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities class action lawsuit (the "Class Action") in the United States District Court for the Middle District of Tennessee against Shoals Technologies Group, Inc. ("Shoals" or the "Company") (NASDAQ:SHLS) and certain of its executive officers, directors, underwriters, Shoals' founder Dean Solon, and two companies controlled by Solon (collectively, "Defendants"). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission ("SEC") Rule 10b-5 promulgated thereunder on behalf of all persons and entities that purchased Shoals common stock between May 17, 2022 and November 7, 2023, inclusive (the "Class Period"), and were damaged thereby. Separately, the Class Action asserts claims under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the "Securities Act") on behalf of all persons and entities that purchased Shoals common stock pursuant, or traceable, or both to the Company's secondary public offering of common stock conducted on or about December 6, 2022 (the "SPO"), and were damaged thereby. A previous securities class action complaint filed by Saxena White P.A. against Shoals asserted only Exchange Act claims for the same Class Period. The Class Action filed by Saxena White P.A. is captioned: Oklahoma Police Pension and Retirement System v. Shoals Technologies Group, Inc. et al., No. 3:24-cv-00580 (M.D. Tenn.).
Shoals, which is headquartered in Portland, Tennessee, purports to be a leading provider of electrical balance of systems ("EBOS") products used in generating solar power, among other uses. Throughout the Class Period, Defendants touted the Company's "focus on quality and reliability" with regard to its EBOS components, backed up by a warranty Shoals provided customers for its products. Shoals further highlighted that its products met "stringent quality requirements" and assured investors throughout the Class Period that its reported "Cost of Revenue" included costs related to product warranty liability. In connection with ...