SAN DIEGO, May 14, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of securities laws by Shimmick Corporation (the “Company” or “Shimmick”) (NASDAQ: SHIM). We are looking into whether the Company or its executives failed to disclose vital information to investors, leading to losses on their investments. If you have purchased Shimmick securities and have experienced losses, we encourage you to join our investigation to potentially make claims and recover under federal securities laws.
What if I purchased Shimmick securities? If you believe that you may have a potential claim against Shimmick and would like to participate in the investigation or learn more about your legal rights and options, please contact Johnson Fistel, LLP at (619) 814-4471 or click here to join the investigation online. There is no cost or obligation to you.
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What is Johnson Fistel investigating? On May 13, 2024, Shimmick issued a public announcement regarding its financial performance for the first quarter which concluded on March 29, 2024. The Company reported a net loss totaling $33 million, marking a significant increase of $24 million in losses compared to the same period in the previous year. In addition to these financial results, Shimmick disclosed an anticipated delay in the submission of its Quarterly Report on Form 10-Q. The delay is attributed to several factors, most notably the ongoing negotiations with MidCap concerning Shimmick's adherence to specific covenants stipulated in the Revolving Credit Facility agreement. Following this news, Shimmick shares were trading down 28% in midday trading on May 14, 2024.
What if I have relevant nonpublic information? Individuals with nonpublic information about the Company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
About Johnson Fistel, LLP | Top Law Firm, Securities Fraud, Investors Rights:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
