The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of NuScale Power Corporation (SMR) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR) securities between March 15, 2023 and November 8, 2023, inclusive (the “Class Period”). NuScale investors have until January 16, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On October 19, 2023, Iceberg Research published a report alleging, among other things, that NuScale would be unable to fulfill its contract with the Utah Associated Municipal Power Systems (“UAMPS”) for its Carbon Free Power Project (“CFPP”), as well as a contract with Standard Power, a company providing data center services for businesses focusing on blockchain mining and high performance computing applications.

On this news, NuScale’s stock price fell $0.58, or 11.5%, to close at $4.46 per share on October 19, 2023, thereby injuring investors.

Then, on November 8, 2023, NuScale and UAMPS announced that they had agreed to terminate the CFPP contract due to failing to engage enough subscribers.

On this news, NuScale’s stock price fell $1.02, or 32.9%, to close at $2.08 per share on November 9, 2023, thereby injuring investors further.

The complaint filed in this class action 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 failed to disclose to investors that: (1) because of the effect of inflationary pressures on the cost of construction and power, the Company and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased NuScale securities during the Class Period, you may move the Court no later than January 16, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased NuScale securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231127968635/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of NuScale Power Corporation (SMR) Investors