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. – SHLS

NEW ORLEANS, May 10, 2024 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they still have time have May 21, 2024 to file lead plaintiff motions in securities class actions against Shoals Technologies Group, Inc. (NasdaqGM: SHLS) for purchasing or otherwise acquiring the Company’s shares i) in connection with the Company’s December 2022 secondary public offering (the “SPO”). ; and/or ii) between May 17, 2022 and November 7, 2023 (including the “Class Period”). These lawsuits are pending in the U.S. District Court for the Middle District of 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 to experience. 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.

On November 7, 2023, the Company filed its Q3 2023 quarterly report in which it disclosed that a defect in its wiring harnesses that resulted in excessive wire insulation retraction or “shrinkage” was far more serious than previously reported. Specifically, the company reported that the shrinkback issue affected 30% of its wire harnesses installed between 2020 and 2022, recorded $50.2 million in warranty expense related to the shrinkback issue for the quarter, and recorded a range of potential losses in the In connection with the shrinkback issue of $59.7 million, million reported to $184.9 million.

On this news, Shoals’ stock price 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 of $12.95 per share on November 7, 2023 November 9, 2023, wiping out a market cap of approximately $550 million.

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 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 leading boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, asset managers and retail investors – in obtaining compensation for investment losses resulting from corporate fraud or misconduct by publicly traded 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 Kahn, managing partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

View original content to download multimedia: https://www.prnewswire.com/news-releases/shoals-technologies-shareholder-alert-by-former-louisiana-attorney-general-kahn-swick–foti-llc -reminds- investors-with-losses-over-100,000-the-lead-plaintiff-deadline-in-class-action-actions-against-shoals-technologies-302142591.html

SOURCE Kahn Swick & Foti, LLC