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SAN DIEGO, June 10, 2021 /PRNewswire/ -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of Romeo Power, Inc. (NYSE: RMO) ("Romeo " or the "Company) common stock. The class action is on behalf of shareholders who purchased Romeo between October 5, 2020 and March 30, 2021, both dates inclusive (the "Class Period"). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than June 15, 2021.
The Romeo class action lawsuit charges Romeo and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
According to the lawsuits, the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Romeo had only two battery cell suppliers, not four, (2) the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo's business, operations and prospects, (3) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, (4) Romeo's supply constraint was a material hindrance to Romeo's revenue growth, and (5) Romeo's supply chain for battery cells was not hedged, but in fact, was totally at risk and beholden to just two battery cell suppliers and the spot market for their 2021 inventory When the true details entered the market, the lawsuit claims that investors suffered damages.
A lead plaintiff will act on behalf of all other class members in directing the Romeo class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Romeo class action lawsuit. An investor's ability to share any potential future recovery of the Romeo class action lawsuit is not dependent upon serving as lead plaintiff.
If you suffered losses exceeding $100,000 investing in Romeo stock or options between October 5, 2020 and March 30, 2021 and you are interested in learning more about the case, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
Additionally, you can [click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP