SHOALS TECHNOLOGIES
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
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.
