NEW YORK, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of all persons or entities who purchased or otherwise acquired NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR) securities between March 15, 2023 and November 8, 2023, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose to investors that: (1) because of the effect of inflationary pressures on the cost of construction and power, the Company and Utah Associated Municipal Power Systems would be unable to sign up enough subscribers to fulfill the Carbon Free Power Project; and (2) Standard Power did not have the financial ability to support its agreement with NuScale.
The Complaint further alleges that on October 19, 2023, Iceberg Research issued a research report that contradicted NuScale’s claims that it could fulfill the CFPP contract with UAMPS as well as NuScale’s contract with Standard Power. The Complaint also alleges that on this news, the price of NuScale stock fell more than 25% over two trading session.
The Complaint additionally alleges that 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. The Complaint alleges that on this news, the price of NuScale stock fell nearly 33%.
Investors who purchased or otherwise acquired shares of NuScale should contact the Firm prior to the January 16, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
