Investigation announced for Investors in shares of Shimmick Corporation (NASDAQ: SHIM) over potential Wrongdoing by certain directors

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Shimmick Corporation.

Investors who purchased shares of Shimmick Corporation (NASDAQ: SHIM) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Shimmick Corporation directors breached their fiduciary duties and caused damage to the company and its shareholders.

Irvine, CA based Shimmick Corporation provides water and other critical infrastructure solutions in the United States. Shimmick Corporation reported that its annual Total Revenue declined from $664.15 million in 2022 to $632.80 million in 2023 and that its Net Income of $3.76 million in 2022 turned to a Net Loss of $2.54 million in 2023.

On May 13, 2024, Shimmick Corporation 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."

Shares of Shimmick Corporation (NASDAQ: SHIM) declined from $7.05 per share on March 25, 2024, to as low as $1.471 per share on May 23, 2024.

Those who purchased shares of Shimmick Corporation (NASDAQ: SHIM) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.