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 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].
Faruqi & Faruqi Reminds Solaris Energy Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 27, 2025 - SEI