NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of those who acquired NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR) securities during the period from March 15, 2023 through November 8, 2023 (the “Class Period”). Investors have until January 16, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On 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 this news, the price of NuScale shares declined by $0.58 per share, or approximately 11.51%, from $5.04 per share to close at $4.46 on October 19, 2023.
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 price of NuScale shares declined by $1.02 per share, or approximately 32.9%, from $3.10 per share to close at $2.08 on November 9, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) 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; (ii) Standard Power did not have the financial ability to support its agreement with NuScale; and (iii) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired NuScale securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
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