A securities class action has been filed in the USDC — S.D.TX. against Solaris Energy Infrastructure, Inc. (SEI) (“Solaris” or the “Company”) 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”).
Solaris provides equipment used in the completion of oil and natural gas wells in the United States.
The claim arises on March 17, 2025, when Morpheus Research published a report alleging that among other things, that MER had been “a ~$2.5 million revenue equipment leasing business based out of a condo with zero employees, no turbines, and no track record in the mobile turbine rental industry.”
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:
(1) MER had little to no corporate history in the mobile turbine leasing space;
(2) MER did not have a diversified earnings stream;
(3) MER’s co-owner was a convicted felon associated with multiple allegations of turbine-related fraud;
(4) as a result, Solaris overstated the commercial prospects posed by the Acquisition;
(5) Solaris inflated profitability metrics by failing to properly depreciate its turbines; and
(6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, thereby harming investors.
Solaris’ stock price closed at $20.46 per share on March 17, 2025, on unusually heavy trading volume.
If you purchased Solaris securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.