NEW YORK, March 29, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (NASDAQ: SHLS) for violations of the federal securities laws on behalf of investors who purchased or acquired Shoals common stock between May 17, 2022 and November 7, 2023, inclusive (the “Class Period”).
On March 21, 2024, a complaint was filed against the Company and certain of its officers alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Shoals did not deliver electrical balance of system (“EBOS”) products that met the highest levels of quality and reliability; (2) Shoals had received reports of exposed copper conduit in EBOS wire harnesses 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 “wire shrinkback” – the tendency for the insulation of a wire to pull back from a splice or termination connector; and (4) Shoals had understated its cost of revenue by millions of dollars.
When investors learned the truth, Shoals’ common stock declined precipitously, injuring investors.
If you suffered a loss of more than $100,000 in Shoals’ securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before May 21, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
