RMO Lawsuit Filed: Jakubowitz Law Pursues Claims on Behalf of Romeo Power, Inc. Shareholders

April 27, 2021 2:47 PM EDT | Source: Jakubowitz Law

New York, New York--(Newsfile Corp. - April 27, 2021) -  Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders Romeo Power, Inc. (NYSE: RMO).


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https://claimyourloss.com/securities/romeo-power-inc-loss-submission-form/?id=15205&from=5

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Affected shareholders purchased shares of RMO between October 5, 2020 and March 30, 2021

Shareholders interested in representing the class of wronged shareholders have until June 15, 2021 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

According to a filed complaint, Romeo Power, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (i) Romeo had only two battery cell suppliers, not four, (ii) 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 business prospects, (iii) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, (iv) Romeo's supply constraint was a material hindrance to Romeo's revenue growth, and (v) 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.

Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887

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