Overview

A class action lawsuit has been filed against Solaris Energy Infrastructure, Inc. (“Solaris” or the “Company”) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws.  The Company’s common stock traded on the NASDAQ under the symbol “PPTA.”

The Solaris class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired Solaris securities between July 9, 2024, and March 17, 2025, both dates inclusive (the “Class Period”).

Solaris provides equipment used in the completion of oil and natural gas wells in the United States.  On July 9, 2024, Solaris announced that it has entered into an agreement to acquire Mobile Energy Rentals LLC (“MER”).  Solaris described MER as a premier provider of distributed power solutions serving the energy and commercial & industrial end-markets, primarily engaged in the leasing of natural-gas powered mobile turbines.  Solaris completed the MER acquisition on September 11, 2024, in exchange for approximately $60 million in cash consideration, approximately 16.5 million in shares, and repayment of approximately $71 million in MER’s debt (the “Acquisition”).  Following the Acquisition, the Company rebranded MER as its “Power Solutions” segment.

The Solaris class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.  Specifically, Defendants misrepresented and/or failed to disclose: (1) MER had little to no corporate history in the mobile turbine leasing space; (2) MER did not have a diversified earnings stream; (3) MER’s co-owner was a convicted felon associated with multiple allegations of turbine-related fraud; (4) as a result, Solaris overstated the commercial prospects posed by the Acquisition; (5) Solaris inflated profitability metrics by failing to properly depreciate its turbines; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Solaris securities between July 9, 2024, and March 17, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the Solaris class action lawsuit is May 27, 2025.