NEW YORK, April 26, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO) from October 5, 2020, through March 30, 2021 (the “Class Period”). The lawsuit, filed in the United States District Court for the Southern District of New York, alleges violations of the Securities Exchange Act of 1934.

If you purchased Romeo Power securities, and/or would like to discuss your legal rights and options please visit RMO Shareholder Class Action Lawsuit or contact Joseph R. Seidman toll free at (877) 779-1414 or seidman@bernlieb.com

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose to investors that: (i) Romeo Power only had 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 the Company’s business, operations, and business prospects; (iii) Romeo Power did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021; (iv) Romeo Power’s supply constraint was a material hindrance to Romeo Power’ revenue growth; and (v) Romeo Power’s supply line for battery cells was at risk and beholden to only to battery cell suppliers and the spot market for their 2021 inventory; and (vi) as a result, Defendants’ positive statements about the Company were materially misleading and/or lacked a reasonable basis at all relevant times.

On this news, the Company’s stock price fell $2.04 per share, or 19.7%, to close at $8.33 per share on March 31, 2021, thereby injuring investors.

If you wish to serve as lead plaintiff, you must move the Court no later than June 15, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased RMO securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/romeopowerinc-rmo-shareholder-class-action-lawsuit-fraud-stock-394/or contact Joseph R. Seidman toll free at (877) 779-1414 or seidman@bernlieb.com

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information

Joseph R. Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.