NASHVILLE, Tenn. (Legal Newsline) - Robbins Geller and Motley Rice have moved quickly in an effort to lead shareholder litigation against a solar power company.
The firms moved May 21 in Nashville, Tenn., federal court to have their client be named lead plaintiff, themselves be named lead counsel and other similar cases to be consolidated. The cases concern Shoals Technologies Group and have sprung up recently.
Saxena White and Stranch, Jennings & Garvey represent the Oklahoma Police Pension and Retirement System, while Robbins Geller and Motley Rice represent Erste Asset Management GmbH.
The suits allege that the defendants made materially false and misleading statements concerning Shoals' electrical balance of system (EBOS) products, related "shrinkback" issues, and cost of revenue.
The lawsuits claim strict liability under the Securities Act of 1933 and fraud-based claims under the Securities Exchange Act of 1934. It is brought on behalf of all persons and entities that purchased Shoals common stock between May 17, 2022, and November 7, 2023.
Shoals is a leading provider of EBOS products for solar power generation, battery storage, and electric vehicle charging infrastructure. The plaintiffs allege that throughout the class period, the defendants misled investors about Shoals’ EBOS products by failing to disclose certain information.