If you purchased or acquired securities in NuScale between March 15, 2023 and November 8, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SMR.
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NEW YORK, Nov. 26, 2023 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR) and reminds investors of the January 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) due to the impact of inflationary pressures on the cost of construction and power, the Company and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On the morning of October 19, 2023, Iceberg Research issued a research report that contradicted NuScale’s claims that it would be able to fulfill two large contracts: (1) a contract with the Utah Associated Municipal Power Systems (“UAMPS”) for its Carbon Free Power Project (“CFPP”), and (2) a contract with Standard Power, a company providing data center services for businesses focusing on blockchain mining and high performance computing applications.
On October 19, 2023, the Company’s share price fell $0.58 per share, or 11.50%, to close at $4.46 per share, on unusually high trading volume.
Then on November 8, 2023, NuScale and UAMPS announced that they had mutually agreed to terminate the CFPP contract because they had failed to engage enough subscribers.
On this news, the Company’s share price fell $1.02 per share, or 32.90%, to close at $2.08 per share on November 9, 2023, on unusually high trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding NuScale’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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