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

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

Collecting participants…