According to the lawsuit, defendants misrepresented and/or failed to disclose that:
- Shoals did not deliver electrical balance of systems (“EBOS”) products that met the highest levels of quality and reliability;
- Shoals had received reports of exposed copper conduit in EBOS wire harnesses in a large number of solar fields and was aware that a significant portion of its wire harnesses had defects;
- Shoals would have to incur between $60 million to $185 million in costs to remediate the wire shrinkback issue;
- Shoals had understated its cost of revenue by millions of dollars; and
- as a result, defendants’ positive statements about Shoals’ financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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