NuScale – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against NuScale Power Corporation (“NuScale” or “the Company”) (NASDAQ: SMR) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired NuScale securities from March 15, 2023 through November 8, 2023 (the “Class Period”). Investors who acquired NuScale securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is February 26, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased NuScale securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST NUSCALE
NuScale is a nuclear power company that develops small modular reactor (“SMR”) technology. It claims that its SMRs will “deliver safe, scalable, cost-effective and reliable carbon-free power.” NuScale has not yet commercialized any SMRs. On the morning of October 19, 2023, Iceberg Research issued a research report that contradicted NuScale’s claims that it could 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 11.5%, to close at $4.46 per share, on unusually high trading volume. On October 20, 2023, the Company’s share price continued to fall another $0.66 per share, or 14.9%, to close at $3.80 per share, on unusually high trading volume. On November 8, 2023, after the market closed, 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 32.9%, to close at $2.08 per share on November 9, 2023, on unusually high trading volume. The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misled investors by failing to disclose that (1) because of the effect 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.
- NuScale Power Corporation is a publicly traded company that designs and markets a line of small modular reactors. The company is headquartered in Portland, Oregon (USA). A 50 MWe version of the specific design was certified by the US Nuclear Regulatory Commission in 2023.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in NuScale during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is February 26, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.