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Business Wire
27-05-2025
- Business
- Business Wire
FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Solaris Energy
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Solaris Energy Infrastructure, Inc. ('Solaris' or the 'Company') (NYSE: SEI) and reminds investors of the May 27, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements Share Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Mobile Energy Rentals LLC ("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. 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. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Solaris' conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Solaris Energy class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Follow us for updates on LinkedIn, on X, or on Facebook. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
Associated Press
29-03-2025
- Business
- Associated Press
SEI CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit On Behalf Of Solaris Energy Infrastructure, Inc. Investors
LOS ANGELES--(BUSINESS WIRE)--Mar 28, 2025-- Glancy Prongay & Murray LLP ('GPM'), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Texas, captioned Pirello v. Solaris Energy Infrastructure, Inc., et al., Case No. 25-cv-01455, on behalf of persons and entities that 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'). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the 'Exchange Act'). Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action. 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 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. 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 Telephone: 310-201-9150, Toll-Free: 888-773-9224 Visit our website at If you inquire by email, please include your mailing address, telephone number and number of shares purchased. To be a member of the Class 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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. View source version on CONTACT: Contact Us: Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100 Los Angeles, CA 90067 Charles Linehan Email: [email protected] Telephone: 310-201-9150 Toll-Free: 888-773-9224 Visit our website at: SOURCE: Glancy Prongay & Murray LLP Copyright Business Wire 2025. PUB: 03/28/2025 08:42 PM/DISC: 03/28/2025 08:42 PM
