NuScale Power Corporation (NYSE: SMR) Securities Fraud Class Action

NuScale investors may receive additional information about the case by clicking the link "Submit Your Information" above.  If you are a member of the class described below, you may no later than January 16, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.

A class action lawsuit has been filed on behalf of those who purchased or acquired National Instruments Corporation (“National Instruments”) (NASDAQ: NATI) common stock between May 25, 2022 and January 17, 2023, both dates inclusive (the “Class Period”). 

Case Background:
NuScale, a Delaware corporation with its principal executive offices in Portland, Oregon, is a nuclear power company that develops small modular reactor technology.

On October 19, 2023, market analyst Iceberg Research issued a report that contradicted NuScale’s claims that it could fulfill: (1) its contract with the Utah Associated Municipal Power Systems (“UAMPS”) for the Carbon Free Power Project (“CFPP”); and (2) its contract with Standard Power focusing on blockchain mining and high performance computing applications.  On this news, the price of NuScale common stock declined $1.24 per share over multiple trading sessions, or more than 24.6%, from a close of $5.04 per share on October 18, 2023, to close at $3.80 per share on October 20, 2023.

Then, on November 8, 2023, after the market closed, NuScale and UAMPS announced they had mutually agreed to terminate the CFPP contract because they had failed to engage enough subscribers.  On this news, the price of NuScale common stock declined $1.02 per share, or nearly 33%, from a close of $3.10 per share on November 8, 2023, to close at $2.08 per share on November 9, 2023.

The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects.  Specifically, Defendants misrepresented and/or failed to disclose that: (1) due to the impact of inflationary pressures on the cost of construction and power, NuScale and UAMPS (NuScale’s first customer) would be unable to sign up enough subscribers to fulfill UAMPS’s CFPP; (2) Standard Power (a NuScale customer) did not have the financial ability to support its agreement with NuScale; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.