Philadelphia, Pennsylvania--(Newsfile Corp. - May 12, 2021) - Berger Montague announces its investigation into potential securities fraud claims against Romeo Power, Inc. ("Romeo" or the "Company"). The Firm is investigating these claims on behalf of investors who purchased Romeo securities (NYSE: RMO) between October 5, 2020 and March 30, 2021 (the "Class Period").
If you purchased Romeo securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Donnell Much at email@example.com or (215) 875-4667, or contact us at www.bergermontague.com/romeo.
Whistleblowers: Persons with non-public information regarding Romeo are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed lawsuit, Romeo, a developer of batteries for electric vehicles, misled investors during the Class Period about its battery cell supply partners and its capacity to meet demand. The Company and its senior management repeatedly assured investors that it had "key partnerships" which would allow Romeo to meet its revenue projections: $11 million for 2020 and $140 million for 2021.
On March 30, 2021, Romeo filed with the Securities and Exchange Commission a Form 8-K which announced reduced 2021 revenue guidance by 71% - 87%, blaming the adjustment on a shortage of battery cells. On an earnings call later that day, management admitted that Romeo depended on just two suppliers, not four, as previously touted.
In response to this news, Romeo shares declined $2.04 per share, or almost 20%, in a single trading day, from a closing price of $10.37 per share on March 30 to $8.33 per share on March 31.
If you purchased Romeo securities during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is June 15, 2021. You do not need to be a lead plaintiff to share in any potential Class recovery.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
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