How many Lawsuits can NuScale Power survive?
Since the collapse of its pilot project, the firm has had numerous accusations of misleading investors and numerous class-action lawsuits have been filed
Stoll Bern. 600 Shareholders seeking 200M in damages. Filed.
Rosen Law Firm. According to the lawsuit, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) because of the effect of inflationary pressures on the cost of construction and power, the Company and Utah Associated Municipal Power Systems ("UAMPS") would be unable to sign up enough subscribers to fulfill the Carbon Free Power Project (the "CFPP"); (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis
Law Offices of Howard G. Smith. The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by touting a contract that the Company had to provide power to Standard Power, while knowing that Standard Power could not keep to the contract because Standard Power had no need for the amount of power that the contract called for. The Company also touted a contract it had with the Utah Associated Municipal Power Systems to provide power to subscribers of the Utah Associated Municipal Power Systems’ Carbon Free Power Project, despite knowing that increasing costs would prevent enough people from subscribing to the program for the program to be commercially successful.
Pomerantz LLP. The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
Block & Leviton LLP. class action lawsuit on behalf of shareholders against NuScale Power Corporation (NYSE:SMR) and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the District of Oregon and is captioned Sigman v. NuScale Power Corporation, et al., No. 3:23-cv-01689 (D. Or.) and is brought on behalf of investors that incurred damages on their purchases in NuScale Power Corporation securities between March 15, 2023 and October 19, 2023, inclusive.
Holzer and Holzer. a shareholder class action lawsuit has been filed against NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). The lawsuit alleges NuScale made false or misleading statements and/or omitted material adverse information regarding the Company’s business, operations, and prospects, including allegations 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.
Gainey McKenna & Egleston. 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.
Bragar Eagel & Squire, P.C. Throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Defendants misled investors by failing to disclose that (1) because of the effect of inflationary pressures on the cost of construction and power, the Company and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Robbins LLP Plaintiff alleges that during the class period, defendants failed to disclose that: (1) because of the effect of inflationary pressures on the cost of construction and power, the Company and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Kirby McInerney LLP. The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) due to the impact of inflationary pressures on the cost of construction and power, the Company and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; (ii) Standard Power did not have the financial ability to support its agreement with NuScale; and (iii) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Robbins Geller Rudman & Dowd LLP. The NuScale class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) because of the effect of inflationary pressures on the cost of construction and power, NuScale and the Utah Associated Municipal Power Systems (“UAMPS”) would be unable to sign up enough subscribers to fulfill their Carbon Free Power Project (“CFPP”) contract; and (ii) Standard Power did not have the financial ability to support its agreement with NuScale.
Above list current as of 18/11/2023. Post will be updated retroactively below.
Bronstein, Gewirtz & Grossman, LLC. investigating potential claims on behalf of purchasers of NuScale Power Corporation ("NuScale" or "the Company") (NYSE:SMR). Investors who purchased NuScale securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/smr. Added 21/11/2023
Levi & Korsinsky. Seeks to recover losses on behalf of NuScale investors who were adversely affected by alleged securities fraud between March 15, 2023 and November 8, 2023. Added 21/11/2023
Portnoy Law Firm. The lawsuit alleges that, throughout the Class Period, the Defendants engaged in false and/or misleading statements and failed to disclose the following:
Gross Law Firm. The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose 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; (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Added 21/11/2023