NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (NASDAQ: SHLS).   Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Shoals and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until May 21, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Shoals securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]    

On November 7, 2023, Shoals filed its Quarterly Report on Form 10-Q for the third quarter of 2023 with the United States Securities and Exchange Commission and held an accompanying earnings call in which it was revealed that an issue involving excessive pull back of wire insulation, or “shrinkback,” was far more severe than previously disclosed. Specifically, the Company reported that the shrinkback issue affected 30% of Shoals’ harnesses installed between 2020 and 2022, booked a $50.2 million warranty expense for the quarter related to the shrinkback issue, and provided a range of potential loss related to the shrinkback issue of $59.7 million to $184.9 million.

On this news, Shoals’ stock price fell $3.28 per share over the next two trading days, or 20.2%, to close at $12.95 per share on November 9, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.   

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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980