SAN FRANCISCO, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges NuScale Power Corporation (NYSE: SMR) investors who suffered substantial losses to submit your losses now.
Class Period: Mar. 15, 2023 – Nov. 8, 2023
Lead Plaintiff Deadline: Jan. 16, 2024
Visit: www.hbsslaw.com/investor-fraud/SMR
Contact An Attorney Now: SMR@hbsslaw.com
844-916-0895
NuScale Power Corporation (NYSE: SMR) Securities Fraud Class Action:
“The litigation focuses on whether NuScale misrepresented the commercial viability of its Carbon Free Power Project,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
The class action was filed after NuScale Power announced last month that it had canceled a partnership with Utah Associated Municipal Power Systems that would have seen the first small modular nuclear reactors built in the United States. The project called for six NuScale reactors to be built at the U.S. Department of Energy’s Idaho National Laboratory. NuScale’s stock has since plummeting, falling 60% since Aug.
The complaint alleges that Defendants misrepresented and concealed that: (1) due to the inflationary impact on cost of construction and power, NuScale and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; and (2) Standard Power did not have the financial ability to support its agreement with NuScale.
The complaint alleges an earlier partial disclosure of the fraud on Oct. 19, 2023, when activist short seller Iceberg Research published a report entitled “NuScale Power ($SMR): A Fake Customer and a Major Contract in Peril Cast Doubt on NuScale’s viability.” As to NuScale’s deal with UAMPS, Iceberg expressed concerns about constant cost overruns and questioned NuScale’s ability to commercialize the deal due to the company’s apparent undisclosed failure to meet contractual subscription rates. Iceberg concluded with respect to Standard Power that “[t]his contract has zero chance of being executed as Standard Power clearly does not have the means to support contracts of this size[]” and opined about concerns relative to NuScale management integrity.
If you invested in NuScale and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the NuScale case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding NuScale should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SMR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
