NEW YORK, Oct. 25, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 19, 2023, NuScale published a short report on NuScale, alleging that “a fake contract and a major contract in peril cast doubt” on the Company’s viability. Addressing NuScale’s recent announcement that Standard Power had chosen NuScale modular reactor technology to power two planned facilities, Iceberg asserted that the contract has “zero chance” of being executed, since Standard Power does not have the means to fulfill contracts of such size, and said Standard Power’s managing director was found guilty of securities fraud in the past. Iceberg further opined that NuScale would run out of cash within 15 months.
On this news, NuScale’s stock price fell $1.24 per share or 24.6%, over the following two trading sessions, to close at $3.80 per share on October 20, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP