Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
SHLS.US
id: 1205

Shoals Technologies Group, Inc. (SHLS) Substandard Products Case

M.D. Tennessee
Court
3:24-cv-00334
Case number
17 May 2022
Class period Start
07 Nov 2023
Class period End
21 May 2024
Lead Plaintiff motion deadline
  • $SHLS stockholder filed a claim vs Shoals Technologies Group, Inc. for delivering substandard product.
  • Shoals Q3’23 10-Q SEC report revealed severe quality issue.
  • Shoals investors can join this case to be notified about potential recovery.
On November 7, 2023, Shoals filed its Q3’23 10-Q report with the SEC and held an accompanying earnings call revealing severe issue involving excessive pull back of wire insulation (shrinkback) that affected 30% of Shoals' harnesses installed between 2020 and 2022.

The Company booked a $50.2 million warranty expense for the quarter related to the shrinkback issue, and provided a range of potential loss related to shrinkback of $59.7 million to $184.9 million.

On this news, $SHLS fell 20.2% over the next two trading days, losing $558M+ of shareholder value.

One of the investors has already filed a class action against Shoals for supplying substandard products in M.D. of Tennessee court.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09 November 2023
Filing date
21 March 2024
Lead Plaintiff Deadline
21 May 2024
Judge
Hon. Aleta A. Trauger
Collecting participants…

Shoals Technologies Group Inc

Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States...

    Ticker
    SHLS.US
    ISIN
    US82489W1071
    CIK
    1831651
    Sector
    Technology
    Industry
    Solar
    Country
    USA
    Address
    1400 Shoals Way, Portland, TN, United States, 37148