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Investors with losses of $250,000 are encouraged to contact the firm before June 15, 2021; click here to submit trade information
LOS ANGELES, June 07, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Romeo Power, Inc. (NYSE: RMO) investors that acquired shares between September 3, 2019 and February 18, 2021. Investors have until June 15, 2021 to seek an active role in this litigation.
It is alleged in this complaint that Romeo experienced a constrained supply of battery cells, which was contrary to Romeo’s representations: (1) Romeo used only two suppliers of battery cells, not four; (2) the future potential risks that Romeo warned of, which concerned disruption of supply or shortage, had already occurred, already negatively affecting Romeo business, operations and business prospects; (3) Romeo did not in fact have the battery cell inventory needed to accommodate end-user demand and ramp up production in 2021; (4) Romeo’s supply constraint was a material hindrance to revenue growth; and (5) Romeo’s supply chain for battery cells was not hedged, but in fact at risk and beholden to their only two battery cell suppliers and the spot market for their 2021 inventory. The lawsuit claims that investors suffered damages when the true details entered the market.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 15, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar