LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Shimmick Corporation (“Shimmick” or the “Company”) (NASDAQ: SHIM) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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