Shares of FTC Solar (NASDAQ: FTCS) took a nosedive today, plummeting 34% on the back of a sudden Q3 net loss and an imminent management reshuffle. The company announced that both its CEO and CFO would be stepping down in December 2023, triggering a sharp fall in the stock's value.
The unexpected financial setback and leadership changes have prompted Berman Tabacco, a law firm experienced in handling securities and antitrust cases since 1982, to launch an investigation into FTC Solar. The firm is currently seeking public support to aid its inquiry into potential securities law violations by the solar tracker systems provider.
Today's drop in stock value marks a significant turn for FTC Solar, which had its initial public offering on the Nasdaq on April 28, 2021. The shares are currently trading at $0.357.
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