Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Romeo Power, Inc. who purchased shares between October 5, 2020 and March 30, 2021.
Romeo Power and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 29, 2020, Romeo announced that it completed its business combination with RMG and the next day began trading its common stock and warrants on the NYSE under the new ticker symbols “RMO” and “RMO.WT”. Then, on March 30, 2021, post-market, the Company shocked investors when it announced its financial results for the quarter and year ended December 31, 2020, disclosing that production had been hindered by a shortage in supply of battery cells and therefore its estimated 2021 revenue would be reduced by approximately 71-87%.
On this news, shares of Romeo plummeted almost 20%, from a closing price of $10.37 per share on March 30, 2021 to close at $8.33 per share on March 31, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 15, 2021 to request that the court appoint them lead plaintiff.