CORRECTING and REPLACING Notice of Lead Plaintiff Deadline for Shareholders in the Romeo Power Inc. Class Action Lawsuit
SAN DIEGO–(BUSINESS WIRE) – Second paragraph, sixth sentence of release, Here should be linked.
The updated version is:
Notice of Lead Plaintiffs Notice to Shareholders in Romeo Power Inc ..
Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the southern borough of New York between October 5, 2020 and on behalf of buyers of Romeo Power Inc. (NYSE: RMO; NYSE: RMO.WT) publicly traded securities including March 30, 2021 (the “Class Period”). The case is entitled Nichols v Romeo Power, Inc., No. 21-cv-03362, and is assigned to Judge Lorna G. Schofield. Romeo Power’s class action lawsuit accuses Romeo Power and some of its executives of violating the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Romeo Power publicly traded securities during the class period to seek appointment as the lead plaintiff in Romeo Power’s class action. A lead plaintiff is generally the applicant with the greatest financial interest in the relief sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other class members in directing the class action lawsuit against Romeo Power. The lead plaintiff can choose a law firm of their choice to bring the Romeo Power class action lawsuit. An investor’s ability to participate in any future recovery of Romeo Power’s class action lawsuit is not dependent on whether they are the lead plaintiff. If you would like to serve as the lead plaintiff in the Romeo Power class action or have any questions about your rights in relation to the Romeo Power class action, please provide your details Here or contact attorney JC Sanchez of Robbins Geller at 800 / 449-4900 or 619 / 231-1058 or email email@example.com. Lead plaintiffs for Romeo Power’s class action lawsuit must be filed with the court by June 15, 2021 at the latest.
Founded in 2016, Romeo Power is believed to be an industry leading power technology company focused on the design and manufacture of lithium-ion battery modules and packs for commercial electric vehicles. Romeo Power claims that through its industry-leading low-energy battery modules and packages, it enables sustainable large-scale transportation by delivering safe, longer-lasting batteries with faster charge times. Romeo Power’s core product offering allegedly serves the markets for medium-duty, short-haul and long-haul battery electric vehicles (BEV), as well as specialty trucks and buses.
On February 12, 2019, RMG Acquisition Corp. (“RMG”), a New York City-based Special Purpose Acquisition Company (SPAC), announced that it has completed its initial public offering of 20 million units at $ 10 per share, resulting in gross proceeds of US $ 200 million -Dollar. RMG was founded by Defendants D. James Carpenter, Robert Mancini and Philip Kassin and was formed for the purpose of completing a merger, capital exchange, acquisition of assets, share purchase, reorganization or similar business combination with one or more companies in the diversified Resource and Industrial Materials Sectors. On October 5, 2020, RMG announced a definitive business combination agreement with defendant Romeo Power that would result in Romeo Power becoming a publicly traded company.
The Romeo Power class action alleges that Romeo Power suffered from an acute shortage of high quality battery cells, which are essential raw materials for Romeo Power’s battery packs and modules, throughout the class period due to supply shortages. Specifically, according to Romeo Power’s class action lawsuit, contrary to what the defendants claim: (i) Romeo Power only had two battery cell suppliers, not four; (ii) the future potential risks that Defendants warned of supply disruptions or shortages had already arisen and had a negative impact on Romeo Power’s business, operations and prospects; (iii) Romeo Power did not have the battery cell inventory to meet end-user demand and ramp up production in 2021. (iv) Romeo Power’s supply restriction has been a major impediment to Romeo Power’s sales growth. and (v) Romeo Power’s supply chain for battery cells was unsecured, in fact completely at risk and only committed to two battery cell suppliers and the spot market for their inventory in 2021. Romeo Power’s class action lawsuit also alleges that, given the supply bottlenecks Romeo Power faced during the class period, defendants had no reasonable basis to demonstrate that Romeo Power was able to meet customer demand and support sales growth in 2021 .
On March 30, 2021, Romeo Power announced that Romeo Power’s production was being hampered by a shortage of battery cells and that its estimated sales by 2021 would therefore decrease by around 71% to 87%. In the news, Romeo Power shares fell nearly 20%, hurting investors.
Robbins Geller Rudman & Dowd LLP has established a special SPAC Task Force to protect investors in blank check companies and seek redress for corporate errors. The SPAC Task Force consists of experienced litigation attorneys, investigators and forensic accountants and aims to eradicate and prosecute fraud on behalf of injured SPAC investors. The rise in blank check funding poses unique risks for investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force is at the forefront of ensuring integrity, honesty and equity in this rapidly evolving area of investment.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms serving investors in class action lawsuits. With 200 attorneys in 9 law firms, Robbins Geller has filed many of the largest securities lawsuits in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the world’s leading law firms since 2010, in terms of both amount collected and total number of class action settlements for shareholders per year. In the SCAS 2020 Top 50 report, Robbins Geller was ranked first for reclaiming $ 1.6 billion for investors last year, more than double the amount collected by another claimant firm. Robbins Geller’s lawyers helped shape securities laws and reclaimed tens of billions of dollars on behalf of injured victims. In addition to securing financial repayments for duped investors, Robbins Geller specializes in implementing corporate governance reforms that will help improve financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by the courts, professional associations and the media as the leading attorneys in the industry. Please visit http://www.rgrdlaw.com for more information.