SHLS - SHLS INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Shoals Technologies Group Inc. and Announces Opportunity for Investors with Substantial Losses to Lead the Shoals Class Action Lawsuit | Benzinga
SAN DIEGO, May 15, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers of Shoals Technologies Group, Inc. (NASDAQ:SHLS) Class A common stock between January 27, 2021 and May 7, 2024, inclusive (the "Class Period") including purchases directly in Shoals' December 2022 secondary public offering of Class A common stock (the "SPO") have until May 21, 2024 to seek appointment as lead plaintiff of the Shoals class action lawsuit. Captioned Kissimmee Utility Authority Employees' Retirement Plan v. Shoals Technologies Group, Inc., No. 24-cv-00598 (M.D. Tenn.), the Shoals class action lawsuit charges Shoals, certain of Shoals' current and former executives and directors, and underwriters of the SPO with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934. A previously filed complaint is captioned Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefits Fund v. Shoals Technologies Group, Inc., No. 24-cv-00334 (M.D. Tenn.).
If you suffered substantial losses and wish to serve as lead plaintiff of the Shoals class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-shoals-technologies-group-inc-class-action-lawsuit-shls.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Shoals class action lawsuit must be filed with the court no later than May 21, 2024.
CASE ALLEGATIONS: Shoals is a provider of electrical balance of systems solutions used in solar, storage, and electrical vehicle charging infrastructure.
The Shoals class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) between 2020 and the end of 2022, Shoals had installed defective wires at approximately 300 sites impacting approximately 30% of all wire harnesses manufactured by Shoals during this time period; (ii) as a result, Shoals was facing tens of millions of dollars in shrinkback warranty liabilities; (iii) Shoals had not booked a sufficient warranty expense provision to cover the remediation costs for the shrinkback issue; (iv) Shoals' historical reported revenue, gross profit, and net income had been generated in substantial ...