SHOALS TECHNOLOGIES SHAREHOLDER ALERT FROM FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES MORE THAN $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Shoals Technologies Group, Inc.

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 then May 21, 2024 to file lead plaintiff motions in a securities class action lawsuit against Shoals Technologies Group, Inc. (NasdaqGM: SHLS) if they purchased or otherwise acquired the Company’s shares i) in connection with the Company December 2022 secondary public offering (the “SPO”); and/or ii) between May 17, 2022 And November 7, 2023including (the “Class Period”). These measures are still pending The United States District Court for the Middle District Tennessee.

What you can do

If you have acquired Shoals shares as described above and would like to discuss your legal rights and the possible impact of these cases on you and your right to compensation for your economic loss, you can contact, without obligation and at no cost to you, the managing partner of KSF, Lewis Kahn, contact toll free at 1-877-515-1850 or email ((email protected)) or visit https://www.ksfcounsel.com/cases/nasdaqgm-shls/ to learn more. If you would like to serve as lead plaintiff in this class action lawsuit, you must file a motion with the court by mail May 21, 2024.

About the complaints

Shoals and some of its executives are accused of failing to disclose material information during class periods, in violation of federal securities laws.

At November 7, 2023The company filed its Q3 2023 quarterly report and disclosed that a defect in its wiring harnesses that resulted in excessive wire insulation retraction, or “shrinkage,” was far more serious than previously disclosed. Specifically, the company reported that the shrinkback issue affected 30% of its wire harnesses installed between 2020 and 2022 $50.2 million Warranty expense for the quarter related to the shrinkback issue and provided a number of potential losses 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%, in the next two trading days from a closing price of $16.23 per share November 7, 2023 to a closing price of $12.95 per share November 9, 2023approximately wipe out 550 million dollars 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 later case Oklahoma Police Pension and Retirement Scheme 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 leading boutique securities litigation firms. KSF serves a variety of clients – including public institutional investors, hedge funds, asset managers and retail investors – in obtaining compensation for investment losses caused by companies Fraud or misconduct by listed companies. KSF has offices in new York, Delaware, California, Louisiana And New Jersey.

To learn more about KSF, visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis KahnManaging Partner
(email protected)
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

SOURCE Kahn Swick & Foti, LLC