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.

According to the lawsuit, throughout the Class Period, Defendants failed to disclose to investors that: (1) MER had little, if any, experience in the mobile turbine leasing space; (2) MER did not have a diversified earnings stream; and (3) MER’s co-owner was a convicted felon associated with turbine fraud.

The lawsuit alleges that on March 17, 2025, investors learned the truth when Morpheus Research published a report alleging 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 was a convicted felon who was involved in a “$800 million gas turbine scandal… that included allegations of bid rigging [and] corruption.”

On this news, Solaris’ stock price fell $4.15, or nearly 17%, to close at $20.46 per share on March 17, 2025.

Investors who purchased or acquired Solaris securities between July 9, 2024 through March 17, 2025, may no later than May 27, 2025, seek to be appointed as a lead plaintiff representative of the class.