NEW ORLEANS, May 10, 2024 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 21, 2024 to file lead plaintiff applications in securities class action lawsuits against Shoals Technologies Group, Inc. (NasdaqGM: SHLS), if they purchased or otherwise acquired the Company’s shares i) in connection to the Company’s December 2022 secondary public offering (the “SPO”); and/or ii) between May 17, 2022 and November 7, 2023, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Middle District of Tennessee.
What You May Do
If you purchased shares of Shoals as above and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgm-shls/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 21, 2024.
About the Lawsuits
Shoals and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 7, 2023, the Company filed its 3Q2023 Quarterly Report disclosing that a defect with its wiring harnesses 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 its 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, the price of Shoals’ shares fell $3.28 per share, or more than 20%, over the next two trading days, from a closing price of $16.23 per share on November 7, 2023 to a closing price of $12.95 per share on November 9, 2023, wiping out approximately $550 million in market capitalization.
The case is Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefits Fund v. Shoals Technologies Group, Inc. et al., 24-cv-00334. A subsequent case, Oklahoma Police Pension and Retirement System v. Shoals Technologies Group, Inc. et al., 24-cv-00580, expanded the class definition.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
