Radnor, Pennsylvania, June 2, 2021 / PRNewswire / –Kessler Topaz Meltzer & Check, LLP’s law firm is Romeo Power, Inc. (“Romeo”) (NYSE: RMO) (NYSE: RMO.WT) f / k / a RMG Acquisition Corp. (“Romeo”) (NYSE: RMO) (NYSE: RMO.WT) “RMG”) (NYSE: RMG) (NYSE: RMG.U) (NYSE: RMG.WS) Investors filed in securities fraud class action on behalf of anyone who purchased or acquired Romeo securities Between October 5, 2020 And March 30, 2021, Comprehensive (“class period”).
Investor Deadline Notice: Investors who have purchased or acquired Romeo Securities During class At the latest June 15, 2021Demands that he be nominated as the representative plaintiff of the group. Please contact Kessler Topaz Meltzer & Check, LLP for additional information or how to participate in this proceeding. James Malo, Esq. (484) 270-1453 or Adrian Bell, Esq. (484) 270-1435; Toll free number (844) 887-9500.By email email@example.com; Or click https://www.ktmc.com/romeo-powerclass-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=romeo
Romeo is an energy technology company specializing in the design and manufacture of lithium-ion battery modules and packs for commercial electric vehicles.A special purpose acquisition company (SPAC) established for the purpose of a merger, capital stock exchange, asset acquisition, stock purchase, restructuring, or similar business combination with one or more companies in the diversified resource and industrial materials sector. RMG. On October 5, 2020, RMG has announced a final agreement on a business combination with Romeo.on December 29, 2020, Romeo announced that the business merger with RMG has been completed. The business combination was approved by RMG shareholders at a special meeting held on November 11, 2018. December 28, 2020 Completed with December 29, 2020..
During the class action, the defendant is estimated to earn 2020 Romeo $ 11 million, And Romeo’s estimated revenue for 2021 $ 140 millionDefendant further stated that Romeo has the capacity and supply to meet end-user demand for Romeo’s products, Romeo is not bound “at any level in the value chain” and its supply is hedged. He stated that he had not seen any material. Challenges that hinder growth.
The truth was revealed March 30, 2021 When Romeo issues a press release, submits a report to the US Securities and Exchange Commission on Form 8-K, and discloses quarterly and year-end financial results after the market closes. December 31, 2020, Held a conference call between investors and analysts. Defendants shocked investors by revealing that Romeo’s production was hampered by a shortage of battery cells, thus reducing estimated revenues in 2021 by about 71-87%.on March 31, 2021, Morgan Stanley sets Romeo’s target price per share $ 12 To $ 7Following this news, Romeo’s share price fell from its closing price. March 30, 2021 of $ 10.37 Closing price per share $ 8.33 Per share $ 2.04 Per share, or almost 20%.
The complaint alleges that during the class action, the defendant concealed: (2) The potential future risks that Defendant warned about supply interruptions or shortages had already occurred, adversely affecting Romeo’s business, operations and outlook. (3) Romeo did not have battery cells in stock to increase production in 2021 to meet end-user demand. (4) Romeo’s supply constraints were a major obstacle to Romeo’s earnings growth. (5) Romeo’s battery cell supply chain was unhedged, but in reality it was completely at risk and its 2021 inventory was tied to two battery cell suppliers and the spot market. It was.
Romeo Investors At the latest June 15, 2021Through, Kessler Topaz Meltzer & Check, LLP, or other attorneys, you may seek to be nominated as the Group’s principal plaintiff representative, or you may choose to do nothing and remain absent group members. The main plaintiff is the representative who acts on behalf of all class members in conducting the proceedings. To be nominated as the primary plaintiff, the court must determine that the claims of the members of the group are typical of the claims of other groups and that the members of the group adequately represent the group. Your ability to share recovery is unaffected by the decision to become the primary plaintiff.
Kessler Topaz Meltzer & Check, LLP has filed class actions in state and federal courts nationwide, including securities fraud, breach of trustee obligations, and other breach of state and federal law. Kessler Topaz Meltzer & Check, LLP is the driving force behind corporate governance reform, recovering billions of dollars on behalf of institutional and individual investors. USA And all over the world. The company represents investors, consumers and whistleblowers (private citizens who report fraud against the government and share the government’s dollar recovery). The proceedings in this proceeding were not filed by Kessler Topaz Meltzer & Check, LLP. Learn more about Kessler Topaz Meltzer & Check, LLP. www.ktmc.com..
Kessler Topaz Melzer & Check, LLP
James Maro Jr., Esq.
Adrian Bell, Esq.
280 King of Prussia Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
View the original content and download the multimedia.http://www.prnewswire.com/news-releases/investor-deadline-approaching–kessler-topaz-meltzer–check-llp-reminds-investors-of-deadline-in-securities-fraud-class-action- Proceedings-against romeo-power-inc-rmo-301304860.html
Source: Kessler Topaz Meltzer & Check, LLP
Investors are approaching deadlines: Notify investors of deadlines for securities fraud class action proceedings filed against Kessler Topaz Meltzer & Check, LLP, Romeo Power, Inc. (RMO) | Around the Web –Pennsylvania
Source link Investors are approaching deadlines: Notify investors of deadlines for securities fraud class action proceedings filed against Kessler Topaz Meltzer & Check, LLP, Romeo Power, Inc. (RMO) | Around the Web –Pennsylvania