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NYSE: RMO Investor Notice: Lawsuit against Romeo Power, Inc. announced by Shareholders Foundation

Shareholders Foundation, Inc.
·2 min read

SAN DIEGO, May 18, 2021 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in NYSE: RMO shares.

Investors, who purchased shares of Romeo Power, Inc. (NYSE: RMO) in September 2020 or earlier and continue to hold any of their NYSE: RMO shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On April 16, 2021, a lawsuit was filed against Romeo Power over alleged securities laws violations. The plaintiff alleged that Romeo Power was suffering from an acute shortage of high-quality battery cells, which are key raw materials for Romeo’s battery packs and modules, due to supply constraints. Contrary to Defendants’ representations, that Romeo Power, Inc had only two battery cell suppliers, not four, that 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, that Romeo Power, Inc did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, that Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth, and that 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. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.

Those who purchased NYSE: RMO shares should contact the Shareholders Foundation, Inc.

CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.