Press release
Romeo Power, Inc. (NYSE: RMO) Investor Notice: Update in Lawsuit against Romeo Power, Inc.
A lawsuit is pending for investors in Romeo Power, Inc. (NYSE: RMO) shares.
Investors who are current long term investors in Romeo Power, Inc. (NYSE: RMO) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 16, 2021, a lawsuit was filed against Romeo Power, Inc. over alleged securities laws violations. The plaintiff alleged that Romeo Power, Inc was suffering from an acute shortage of high quality battery cells, which are key raw materials for Romeo's battery packs and modules, due to supply constraints. Contrary to Defendants' representations, that Romeo Power, Inc had only two battery cell suppliers, not four, that the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo's business, operations and prospects, that Romeo Power, Inc did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, that Romeo's supply constraint was a material hindrance to Romeo's revenue growth, and that Romeo's supply chain for battery cells was not hedged, but in fact, was totally at risk and beholden to just two battery cell suppliers and the spot market for their 2021 inventory. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.
On September 15, 2021, an amended Complaint was filed and on November 5, 2021, the defendants filed their motion to dismiss the amended complaint/
Those who purchased shares of Romeo Power, Inc. (NYSE: RMO) 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.
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