| COMPANY |
Romeo Power, Inc |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-03362 |
| JUDGE |
The Honorable Lorna G. Schofield |
| CLASS PERIOD |
October 5, 2020 - March 30, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
This is a class action lawsuit on behalf of investors who purchased Romeo Power, Inc. (“Romeo”) securities between October 5, 2020 and March 30, 2021 (the “Class Period”).
The complaint alleges that throughout the Class Period, the Defendants concealed that: (1) Romeo had only two battery cell suppliers, not four; (2) the future potential risks that the defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo’s business, operations and prospects; (3) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021; (4) Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth; and (5) Romeo’s supply chain for battery cells was not hedged, but in fact, was totally at risk and beholden to just two battery cell suppliers and the spot market for their 2021 inventory.
Current Status of Case:
On December 8, 2023, the Lead Plaintiff filed a Motion for Preliminary Approval of Settlement and hearing has been set for January 10, 2024. On August 1, 2024, The Court entered Judgment Approving Settlement, Order Awarding Attorneys’ Fees, and Order Approving Plan of Allocation. This case has concluded.
The deadline to file a claim is May 29, 2024. If you have any questions or need further information about this settlement, you may go to the following website www.RomeoPowerSecuritiesSettlement.com, or you can contact the claims administrator, Epic Systems, Inc., at 1-877-915-1127.
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: Jon 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.