NEW YORK, May 21, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Shimmick Corporation (“Shimmick” or the “Company”) (NASDAQ: SHIM) on behalf of Shimmick stockholders. Our investigation concerns whether Shimmick has violated the federal securities laws and/or engaged in other unlawful business practices.
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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.
On this news, Shimmick shares were trading down 28% in midday trading on May 14, 2024.
If you purchased or otherwise acquired Shimmick shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
