Class Action Lawsuit Filed Against Solaris Energy Infrastructure, Inc.
NEW YORK, April 14, 2025 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. ("SEI" or the "Company") (NYSE: SEI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether SEI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until May 27, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired SEI securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
Click here for information about joining the class action
On July 9, 2024, Solaris announced that it has entered into an agreement to acquire Mobile Energy Rentals LLC ("MER").
Then, 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, 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 further 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. Moreover, contrary to Solaris's claims "that MER had a 'contracted and diversified earnings stream[,]'" in fact, "96% of its Power Solutions revenue was derived from a single customer[.]".
On this news, SEI's stock price fell $4.15 per share, or 16.86%, to close at $20.46 per share on March 17, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
