INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Shimmick Corporation (SHIM) on Behalf of Investors
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Shimmick Corporation (“Shimmick” or the “Company”) (NASDAQ: SHIM) investors concerning the Company’s possible violations of federal securities laws.
“as a result of ongoing negotiations with the lender under the Company’s Revolving Credit Facility Agreement”
On May 13, 2024, Shimmick disclosed that it was unable to timely file its Quarterly Report for the first quarter 2024 “as a result of ongoing negotiations with the lender under the Company’s Revolving Credit Facility Agreement” and that the Company is “no longer in compliance with the leverage covenant set forth in the Revolving Credit Facility.” As a result, the Company admitted that “the lender has the right to declare all amounts outstanding immediately due and payable and terminate all commitments to extend further credit under the Revolving Credit Facility.”
On this news, Shimmick’s stock price fell $1.24, or 34.1%, to close at $2.40 per share on May 14, 2024, thereby injuring investors.
If you purchased Shimmick securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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