Shoals Technologies Group, Inc.
Company Name | Shoals Technologies Group, Inc. |
Stock Symbol | SHLS |
On August 1, 2023, Shoals disclosed that it had recorded a warranty liability of $9.3 million related to an issue involving “a subset of wire harnesses used in [Shoals’ electrical balance of system (“EBOS”)] solutions presenting excessive pull back of wire insulation at connection points,” which Shoals dubbed “shrinkback.”
Then, on November 7, 2023, Shoals revealed that it had taken an additional $50.2 million charge for warranty expense as a result of the shrinkback issue. The Company further stated that it expected the shrinkback issue to cost between $59.7 million and $184.9 million dollars to remedy.
On this news, Shoals’ stock price fell $3.28, or 20.2%, to close at $12.95 per share on November 9, 2023, thereby injuring investors.
Submit Your Information
If you suffered a loss on your Shoals Technologies Group, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.