Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, March 28, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (NASDAQ: SHLS) investors that a lawsuit was filed on behalf of investors that purchased Shoals securities between May 17, 2022 and November 7, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint alleges that the defendants did not inform investors that: (1) Shoals' electrical balance of system (EBOS) products did not meet the highest standards of quality and reliability; (2) Shoals had been notified about issues with exposed copper in the conduits of its EBOS wire harnesses across numerous solar fields and was aware that many of its wire harnesses were defective; (3) Shoals faced costs between $60 million and $185 million to fix "wire shrinkback," which is the issue of wire insulation retracting from a splice or terminal; and (4) Shoals significantly underestimated its revenue costs by millions of dollars.
On November 7, 2023, the market was taken aback when Shoals announced it had to record an additional $50.2 million in warranty expense due to the wire shrinkback problem. Additionally, Shoals projected the total costs to address the wire shrinkback would range from $59.7 million to $184.9 million.
Following these announcements, Shoals’ share price fell by $1.63, or more than 10%, ending at $14.60 per share on November 8, 2023.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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