Glancy Prongay & Murray LLP reminds investors of the upcoming May 27, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Solaris Energy Infrastructure, Inc. (“Solaris” or the “Company”) (NYSE: SEI) securities between July 9, 2024 and March 17, 2025, inclusive (the “Class Period”).
IF YOU SUFFERED A LOSS ON YOUR SOLARIS INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.
What Happened?
On July 9, 2024, Solaris announced that it has entered into an agreement to acquire Mobile Energy Rentals LLC (“MER”). Solaris completed the MER acquisition on September 11, 2024.
On March 17, 2025, Morpheus Research published an investigative report alleging, 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 report revealed that one of MER’s co-owners, John Tuma (“Tuma”) was in fact, a “convicted felon” for “environmental crimes and lying to the court ‘on multiple occasions under oath’” and was involved in a “$800 million gas turbine scandal… that included allegations of bid rigging [and] corruption.” Despite being “nothing more than a small, local switchgear rental business at the end of 2023” MER was “seemingly transformed throughout the first half of 2024 – just months before it was acquired by Solaris” immediately after Tuma joined the Company. The report then described how, in that period, MER had acquired substantially all of its turbines, primarily financed through the $71 million in debt that Solaris would later pay in the Acquisition. Contrary to Solaris’s claims “that MER had a ‘contracted and diversified earnings stream[,]’” in fact, “that 96% of its Power Solutions revenue was derived from a single customer[.]”
On this news, Solaris’ stock price fell $4.15, or 16.9%, to close at $20.46 per share on March 17, 2025, on unusually heavy trading volume.
What Is the Lawsuit About?
The complaint filed in this class action 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.
If you purchased or otherwise acquired Solaris securities during the Class Period, you may move the Court no later than May 27, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.
Contact Us to Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.
Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles California 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
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If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250401262336/en/
Contacts
Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email: shareholders@glancylaw.com
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.
