NEW YORK, Dec. 14, 2023 (GLOBE NEWSWIRE) -- 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 Danielle Peyton at newaction@pomlaw.com or 646-581-9980, 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, Iceberg Research issued a research report (the “Iceberg Report”) that contradicted NuScale’s claims that it could fulfill two large contracts: (1) a contract with the Utah Associated Municipal Power Systems (“UAMPS”) for its Carbon Free Power Project (“CFPP”), and (2) a contract with Standard Power, a company providing data center services for businesses focusing on blockchain mining and high-performance computing applications. Following publication of the Iceberg Report, NuScale’s stock price fell $1.24 per share, or 24.6%, over the following two trading sessions, closing at $3.80 per share on October 20, 2023.
Then, on November 8, 2023, after the market closed, NuScale and UAMPS announced that they had mutually agreed to terminate the CFPP contract because they had failed to engage enough subscribers.
On this news, NuScale’s stock price fell $1.02 per share, or 32.9%, to close at $2.08 per share on November 9, 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:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
