Shimmick Corporation (NASDAQ: SHIM)

This investigation is for anyone who acquired securities in Shimmick Corporation (NASDAQ: SHIM) prior to May 13, 2024.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by failing to timely inform investors that the Company was no longer in compliance with the leverage covenant set forth in the Revolving Credit Facility made with the Company’s lender.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Shimmick Corporation (NASDAQ: SHIM) prior to May 13, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.