Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR) securities between March 15, 2023 and November 8, 2023, inclusive (the “Class Period”). NuScale investors have until January 16, 2024 to file a lead plaintiff motion.
Investors suffering losses on their NuScale investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 19, 2023, Iceberg Research published a report alleging, among other things, that NuScale would be unable to fulfill its contract with the Utah Associated Municipal Power Systems (“UAMPS”) for its Carbon Free Power Project (“CFPP”), as well as a contract with Standard Power, a company providing data center services for businesses focusing on blockchain mining and high performance computing applications.
On this news, NuScale’s stock price fell $0.58, or 11.5%, to close at $4.46 per share on October 19, 2023, thereby injuring investors.
Then, on November 8, 2023, NuScale and UAMPS announced that they had agreed to terminate the CFPP contract due to failing to engage enough subscribers.
On this news, NuScale’s stock price fell $1.02, or or 32.9%, to close at $2.08 per share on November 9, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 at all relevant times.
If you purchased NuScale securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20231122772172/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
