LOS ANGELES, CA / ACCESSWIRE / May 12, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Romeo Power, Inc. ("Romeo Power" or "the Company") (NYSE:RMO) (NYSE:RMO.WT) f/k/a RMG Acquisition Corp. (NYSE:RMG, RMG.WS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between October 5, 2020 and March 30, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before June 15, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Romeo Power had only two battery cell suppliers despite claiming to have four suppliers. Although the Company described supply shortages as a future risk, constraints had already occurred and had negatively impacted the Company's operations. The Company failed to maintain supply levels sufficient to meet end user demand and grow production in 2021. The Company's battery cell inventory was not hedged as it claimed, instead it was at the mercy of its two suppliers and the spot market for inventory. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Romeo Power, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm
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