Investors Take Action Before May 2025 Deadline in Solaris Case

Law Offices of Howard G. Smith reminds investors of the upcoming May 27, 2025 deadline to file a lead plaintiff motion in the case on behalf of investors who purchased Solaris Energy Infrastructure, Inc. (“Solaris” or the “Company”) SEI securities between July 9, 2024 and March 17, 2025, inclusive (the “Class Period”).

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN SOLARIS ENERGY INFRASTRUCTURE, INC. (SEI), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

Investors can reach the Law Offices of Howard G. Smith to discuss their legal rights via email at [email protected], by calling (215) 638-4847, or by visiting our website at www.howardsmithlaw.com.

Background of the Case

On July 9, 2024, Solaris announced an agreement to acquire Mobile Energy Rentals LLC (“MER”). This acquisition was finalized on September 11, 2024.

However, on March 17, 2025, Morpheus Research published an investigative report accusing MER of misleading financial practices. The report claimed that MER operated as a “$2.5 million revenue equipment leasing business based out of a condo,” lacking any substantive operations, employees, or track record in the mobile turbine rental industry. It also revealed that co-owner John Tuma was a “convicted felon” linked to a “$800 million gas turbine scandal” involving bid rigging and corruption. Despite MER’s seemingly rapid transformation before its acquisition, it was actually just a small switchgear rental business at the end of 2023, acquiring many of its turbines after Solaris’s agreement. Most concerning, the report indicated that 96% of MER’s Power Solutions revenue came from a single customer, contradicting Solaris’s assertions about its diversified earnings stream.

Following this news, Solaris’s stock price plummeted by $4.15, or 16.9%, closing at $20.46 per share on March 17, 2025, with unusually heavy trading volume.

Details of the Lawsuit

The class action complaint alleges that during the Class Period, Defendants made materially false and misleading statements and failed to disclose crucial information about the Company’s operations and prospects. Allegations include that: (1) MER lacked a legitimate corporate history in the mobile turbine leasing market; (2) it did not have a diversified revenue stream; (3) its co-owner was a convicted felon with ties to turbine-related fraud; (4) Solaris exaggerated the potential benefits of the acquisition; (5) the Company failed to appropriately account for depreciation on its turbines; and (6) these factors rendered Defendants’ optimistic statements about the Company’s future materially misleading or unfounded.

Investors who purchased Solaris securities during the Class Period have until May 27, 2025 to file a motion with the Court requesting to be designated as lead plaintiff, subject to meeting specific legal criteria.

Learn More About Participation:

For more information on this class action or any questions regarding your rights related to this announcement, please get in touch:

Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: [email protected],
Visit our website at: www.howardsmithlaw.com.

To participate in the class action, no immediate action is needed. Investors may choose to retain their own counsel or remain as absent class members.

This press release may be viewed as Attorney Advertising in some jurisdictions, according to applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250402328025/en/

Contact Us:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
[email protected]
www.howardsmithlaw.com