Core Viewpoint - A securities class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. for alleged misrepresentation during the acquisition of Mobile Energy Rentals LLC, leading to significant stock price decline after revelations about the acquired company's questionable background [1][3]. Company Overview - Solaris Energy Infrastructure, Inc. is headquartered in Houston and develops equipment for the oil and gas industry [2]. - The company announced the acquisition of Mobile Energy Rentals LLC on July 9, 2024, and completed the acquisition on September 11, 2024 [2]. Allegations and Impact - A report by Morpheus Research on March 17, 2025, claimed that Mobile Energy Rentals was a small revenue business with no employees and no operational history in the mobile turbine rental industry, which raised concerns about its legitimacy [3]. - The report also disclosed that one of MER's co-owners had a criminal background linked to a significant gas turbine scandal involving $800 million, including allegations of bid rigging and corruption [3]. - Following the publication of this report, Solaris' stock price dropped by $4.15, nearly 17%, closing at $20.46 per share on March 17, 2025 [3].

Core Viewpoint - Solaris Energy Infrastructure, Inc. (NYSE: SEI) is facing allegations of issuing materially false and misleading statements regarding its acquisition of Mobile Energy Rentals LLC (MER), which has raised concerns about the company's business practices and financial reporting [1][2]. Allegations Summary - The complaint alleges that during the class period from July 9, 2024, to March 17, 2025, Solaris failed to disclose that MER had little to no corporate history in the mobile turbine leasing space [1] - It is claimed that MER did not have a diversified earnings stream, raising questions about its financial stability [1] - The co-owner of MER is identified as a convicted felon with multiple allegations of turbine-related fraud, which could impact the credibility of the acquisition [1] - As a result of these factors, Solaris is accused of overstating the commercial prospects of the acquisition [1] - The company allegedly inflated profitability metrics by not properly depreciating its turbines, leading to misleading financial statements [1] - Overall, the positive statements made by Solaris regarding its business operations and prospects are claimed to be materially misleading and lacking a reasonable basis [1]. Next Steps for Shareholders - Shareholders who purchased SEI shares during the specified class period are encouraged to register for the class action by May 27, 2025, to potentially become lead plaintiffs [2] - Upon registration, shareholders will be enrolled in a portfolio monitoring software to receive updates on the case [2].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Solaris Energy Infrastructure, Inc. due to allegations of misleading statements and undisclosed information related to its acquisition of Mobile Energy Rentals LLC, which has led to significant investor losses [2][4][6]. Group 1: Allegations Against Solaris - The complaint alleges that Solaris and its executives violated federal securities laws by making false and misleading statements regarding Mobile Energy Rentals LLC (MER) [4]. - Specific allegations include that MER had little corporate history in mobile turbine leasing, lacked a diversified earnings stream, and was co-owned by a convicted felon involved in turbine-related fraud [4]. - As a result of these issues, Solaris is accused of overstating the commercial prospects of the acquisition and inflating profitability metrics by failing to properly depreciate its turbines [4]. Group 2: Investigative Findings - An investigative report by Morpheus Research revealed that MER was a small revenue equipment leasing business with no employees and no track record in the mobile turbine rental industry [5]. - The report highlighted that 96% of MER's Power Solutions revenue came from a single customer, contradicting Solaris's claims of a diversified earnings stream [6]. - Following the release of this report, Solaris's stock price fell by $4.15, or 16.9%, closing at $20.46 per share on March 17, 2025, with unusually heavy trading volume [6]. Group 3: Legal Proceedings - Investors who suffered losses exceeding $100,000 in Solaris between July 9, 2024, and March 17, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal rights [1]. - There is a deadline of May 27, 2025, for investors to seek the role of lead plaintiff in the federal securities class action filed against Solaris [2]. - The lead plaintiff is defined as the investor with the largest financial interest in the relief sought by the class, who will oversee the litigation on behalf of the class members [7].

Core Viewpoint - A class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. for misleading statements and omissions regarding its acquisition of Mobile Energy Rentals LLC, which allegedly inflated the company's commercial prospects and profitability metrics [1][5]. Group 1: Lawsuit Details - The class action is on behalf of purchasers and acquirers of Solaris Energy securities from July 9, 2024, to March 17, 2025 [1]. - The lawsuit claims that Solaris Energy made false statements about Mobile Energy Rentals LLC, including its lack of corporate history and diversified earnings, and failed to disclose the criminal background of its co-owner [5]. - Investors are entitled to compensation without upfront fees through a contingency fee arrangement [2]. Group 2: Legal Representation - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. - The firm has achieved significant settlements in the past, including over $438 million for investors in 2019 [4]. - Investors can join the class action by submitting a form or contacting the firm directly [3][6]. Group 3: Class Action Process - No class has been certified yet, meaning investors are not represented unless they retain counsel [7]. - Investors can choose to remain absent from the class and still be eligible for any potential recovery [7].

Acquisition Details - Solaris Energy Infrastructure, Inc. completed the acquisition of Mobile Energy Rental LLC for a total consideration of $136.7 million, which includes $60 million in cash and 16,464,778 units of Solaris LLC[2]. - Solaris incurred $162 million of additional debt to refinance existing debt and fund the cash due at closing of the transaction[3]. - The acquisition method of accounting was used, with assets and liabilities recorded at their fair values as of the acquisition date[3]. - The transaction is subject to closing adjustments that have not yet been finalized, indicating potential variability in the final accounting[8]. - The transaction will increase non-controlling interest by $1.5 million due to the issuance of 16.5 million Solaris LLC units to MER members[30]. Financial Projections - The pro forma combined total revenue for the year ended December 31, 2024, is projected to be $339.033 million, reflecting an increase from historical revenues[11]. - Total operating costs and expenses for the pro forma combined entity are projected to be $295.378 million, resulting in an operating income of $43.655 million[11]. - The transaction is expected to enhance Solaris's service and leasing revenue, with service revenue projected at $264.260 million and leasing revenue at $60.141 million[11]. - Total revenues for the pro forma year ended December 31, 2024 are projected to be $23,721 thousand, with lease income contributing $7,821 thousand and service revenue at $2,103 thousand[20]. - Net income for the pro forma year ended December 31, 2024 is estimated at $12,930 thousand, reflecting a significant increase from historical performance[20]. Earnings and Expenses - The pro forma combined net income attributable to common shareholders is estimated at $6.246 million, with earnings per share of $0.22 on a diluted basis[11]. - Pro forma earnings per share for Class A common stock are projected at $0.22 (basic) and $0.21 (diluted) for the year ended December 31, 2024[32]. - The provision for income taxes is estimated at $5.7 million for the year ended December 31, 2024, based on a historical effective tax rate of 20.2%[29]. - The pro forma adjustment to interest expense for the year ended December 31, 2024 is estimated to be a net reduction of $5,442 thousand, with a variable interest rate assumed at 10.8%[24]. - The company anticipates an additional pro forma depreciation and amortization expense of $8,422 thousand related to the acquisition of identifiable property and equipment[26]. Management Insights - Solaris's management believes the pro forma financial statements reflect necessary adjustments to present fairly the combined financial information[6]. - The pro forma adjustments are preliminary and may change as additional information becomes available, potentially impacting the financial statements materially[8]. - The pro forma adjustments include the elimination of historical interest expenses totaling $12,820 thousand, enhancing the overall financial outlook[24]. - The company expects to depreciate equipment held for lease once delivered, with significant investments in "Construction in Progress" for turbines and other equipment[28].

Core Viewpoint - A class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. (SEI) concerning allegations of securities fraud and unlawful business practices related to its acquisition of Mobile Energy Rentals LLC (MER) [2][5]. Group 1: Lawsuit Details - The class action lawsuit claims that SEI and certain officers/directors engaged in securities fraud or other unlawful business practices [2]. - Investors who purchased SEI securities during the Class Period have until May 27, 2025, to request to be appointed as Lead Plaintiff [2]. Group 2: Acquisition of Mobile Energy Rentals LLC - On July 9, 2024, SEI announced its agreement to acquire MER [4]. - An investigative report published on March 17, 2025, alleged that MER was a small revenue equipment leasing business with no employees and no track record in the mobile turbine rental industry [5]. - The report revealed that MER's co-owner, John Tuma, had a criminal background involving environmental crimes and was linked to a significant gas turbine scandal [5]. - Despite claims of a diversified earnings stream, 96% of MER's Power Solutions revenue came from a single customer [5]. Group 3: Market Reaction - Following the allegations regarding MER, SEI's stock price fell by $4.15 per share, or 16.86%, closing at $20.46 per share on March 17, 2025 [5].

Core Viewpoint - A class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. for allegedly making false and misleading statements regarding its business operations and prospects during the specified class period [1][3]. Summary by Relevant Sections Lawsuit Details - The lawsuit is filed in the United States District Court for the Southern District of Texas on behalf of all individuals and entities who purchased Solaris securities between July 9, 2024, and March 17, 2025 [1]. - Investors have until May 27, 2025, to apply to be appointed as lead plaintiff in the lawsuit [1]. Allegations Against Solaris - The complaint alleges that Solaris made materially false and misleading statements and failed to disclose adverse facts about its business [3]. - Specific allegations include: - Mobile Energy Rentals LLC (MER) had little to no corporate history in mobile turbine leasing [3]. - MER lacked a diversified earnings stream [3]. - A co-owner of MER was a convicted felon with a history of turbine-related fraud allegations [3]. - Solaris overstated the commercial prospects of its acquisition of MER [3]. - Solaris inflated profitability metrics by not properly depreciating its turbines [3]. - Positive statements made by Solaris regarding its business were materially misleading and lacked a reasonable basis [3].

Core Viewpoint - A class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. for alleged violations of securities laws, specifically related to misleading statements made by the company regarding its acquisition of Mobile Energy Rentals LLC [1][4]. Group 1: Lawsuit Details - The lawsuit pertains to investors who purchased Solaris securities between July 9, 2024, and March 17, 2025, and encourages affected shareholders to contact the Schall Law Firm before May 27, 2025 [2]. - The class action has not yet been certified, meaning that potential class members are not currently represented by an attorney [3]. Group 2: Allegations Against Solaris - The complaint alleges that Solaris made false and misleading statements about its acquisition of Mobile Energy Rentals LLC, claiming that MER had significant corporate experience and a diversified earnings stream, which was not the case [4]. - It is claimed that the co-owner of MER had a criminal background and was facing fraud allegations, further questioning the integrity of the acquisition [4]. - The company is accused of improperly depreciating its turbines to inflate profitability, leading to materially misleading public statements throughout the class period [4].

Class Definition This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Solaris securities between July 9, 2024 and March 17, 2025, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/SEI. NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nation ...

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