Saxena White P.A., a law firm, initiated a securities fraud class action lawsuit against Shoals Technologies Group, Inc. and its executives, alleging violations of the Exchange Act and SEC Rule 10b-5. Shoals, a major provider of electrical BOS products for solar power generation, allegedly misrepresented product quality and reliability, resulting in financial losses for investors. The lawsuit claims Shoals failed to disclose defects in its products and understated associated costs, leading to misleading financial statements. The truth emerged in November 2023 when Shoals disclosed the severity of the issues, causing a sharp decline in stock price and market capitalization loss of approximately USD 550 million. Investors who purchased Shoals stock during the specified period are eligible to join the class action.
Shoals Technologies faces securities fraud class action
Shoals Technologies faces legal scrutiny for alleged securities fraud. (Image Credit: Pixabay).
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