NEW YORK , May 30, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of FTC Solar, Inc. (“FTC Solar” or the “Company”) (NASDAQ: FTCI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether FTC Solar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 14, 2022, Bank of America downgraded FTC Solar shares to Underperform from Neutral, opining that the Company is “among the [companies] most exposed to potential delay dynamics associated with utility-scale solar projects in the U.S. for 2022,” noting that nearly all of FTC Solar’s revenue is derived from the U.S., with international projects expected to contribute meaningfully only from 2023 and beyond.
On this news, FTC Solar’s stock price fell $0.95 per share, or 15.63%, to close at $5.13 per share on January 14, 2022.
Then, on May 10, 2022, FTC Solar issued a press release announcing its financial results for the first quarter of 2022. Among other items, FTC Solar disclosed non-GAAP earnings per share and revenue that both fell short of expectations.
On this new, FTC Solar’s stock price fell sharply during intraday trading on May 10, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, 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.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP