Kessler Topaz Meltzer & Check, LLP, Romeo Power, Inc. It reminds investors of the securities fraud class action proceedings filed against.Status

Radnor, Pennsylvania, May 17, 2021 / PRNewswire / -Kessler Topaz Meltzer & Check, LLP law firm reminds Romeo power, Inc. (“Romeo”) (NYSE: RMO; RMO.WT) f / k / a RMG Acquisition Corp. (“RMG”) (NYSE: RMG; RMG.U; RMG.WS) Proceedings filed on behalf of the person who purchased or acquired Between October 5, 2020 And March 30, 2021, Comprehensive (“class period”).

Investor Deadline Reminder: Investor who bought or acquired Romeo Securities During class at the latest June 15, 2021Demands that you be appointed as the class’s chief plaintiff representative. Contact Kessler Topaz Meltzer & Check, LLP for additional information or how to participate in this proceeding. James Maro, Esq. (484) 270-1453 or Adrian Bell, Esq. (484) 270-1435; (844) 887-9500 for free.By email; Or click

Romeo is an energy technology company focused on the design and manufacture of lithium-ion battery modules and packs for commercial electric vehicles. RMG (SPAC), a special purpose acquisition company, merges with one or more businesses in the diverse resources and industrial materials sectors, capital stock exchanges, asset acquisitions, share purchases, restructurings, or similar business combinations. It was established for the purpose of. ..on October 5, 2020, RMG has announced a final agreement on a business combination with Romeo.on December 29, 2020, Romeo announced that it has completed a business combination with RMG. The business combination was approved at a special meeting held by RMG shareholders. December 28, 2020 And completed December 29, 2020..

During class, the defendant will receive an estimated 2020 Romeo income $ 11 million, And Romeo’s estimated revenue for 2021 $ 140 million.. Defendant further stated that Romeo has the capacity and supply to meet end-user demand for Romeo’s products, Romeo is not seen “at any level in the value chain”, its supply is hedged, and the material is He stated that he could not find it. Challenges that hinder growth.

The truth was revealed to 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 fiscal year financial results after the market is closed. December 31, 2020, Held a conference call with investors and analysts. Defendants shocked investors by revealing that 2021’s estimated earnings would decline by about 71-87% as Romeo’s production was hampered by a shortage of battery cells.on March 31, 2021, Morgan Stanley sets target price per share of Romeo $ 12 To $ 7..In response to this news, Romeo shares have fallen from the closing price March 30, 2021 of $ 10.37 Close with $ 8.33 Fall per share $ 2.04 Per share, or almost 20%.

The complaint alleges that the defendant concealed the following throughout the class: (1) Romeo had only two battery cell suppliers instead of four. (2) Defendants have already warned of potential future risks of supply disruptions or shortages that have already adversely affected 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 was only watched by the two battery cell suppliers in 2021 and the spot market. It was.

Romeo Investors At the latest June 15, 2021, Kessler Topaz Meltzer & Check, LLP, or any other lawyer seeking to be appointed as the Class’s Chief Plaintiff Representative. Alternatively, you can leave the class members absent without doing anything. The chief plaintiff is the representative party acting on behalf of all class members in conducting the proceedings. To be appointed as Chief Plaintiff, the court must determine that the claims of a class member are typical of the claims of other class members and that the class members properly represent the class. The ability to share recovery is unaffected by the decision to act as the main plaintiff.

Kessler Topaz Meltzer & Check, LLP, will prosecute class action proceedings in state and federal courts nationwide, including securities fraud, fiduciary duty breach, and other breach of state and federal law. Kessler Topaz Meltzer & Check, LLP, is the driving force behind corporate governance reform and has recovered billions of dollars on behalf of institutional and individual investors. United States of America And all over the world. The company represents investors, consumers and whistleblowers (private sector 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. For more information on Kessler Topaz Meltzer & Check, LLP, please visit:

Kessler Topaz Meltzer & Check, LLP

(844) 887-9500 (toll free)

Source Kessler Topaz Meltzer & Check, LLP

Kessler Topaz Meltzer & Check, LLP, Romeo Power, Inc. It reminds investors of the securities fraud class action proceedings filed against.Status

Source link Kessler Topaz Meltzer & Check, LLP, Romeo Power, Inc. It reminds investors of the securities fraud class action proceedings filed against.Status

Related Articles

Back to top button