Category: RMO

LOS ANGELES–(BUSINESS WIRE)–Romeo Power, Inc. (“Romeo Power”) (NYSE:RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd. (“LG Energy”), a Tier 1 battery cell and materials manufacturer.

Under the long-term supply agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8GWh of energy through 2028. Romeo Power expects to use the allocated cells to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers.

Romeo Power will facilitate LG Energy’s build of an additional assembly line in Ochang, Korea through a recoupable pre-payment of $64.7 million. The agreement was approved by both Boards of Directors and became effective on August 10, 2021.

“With the rapidly increasing demand for battery cells within the e-mobility space, this partnership with LG Energy is a major milestone that puts Romeo Power in a strong position to support our current and future customers,” said Robert Mancini, Chairman of Romeo Power’s Board of Directors. “The high energy density, quality and impressive power output of LG Energy’s cells make them the perfect match for Romeo Power’s range of high-performance battery-electric solutions for complex commercial applications.”

About Romeo Power

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE:RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power’s 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social @romeopowerinc or visit romeopower.com.

Notice Regarding Forward Looking Statements

Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements about the long-term supply agreement with LG Energy, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability of LG Energy and Romeo Power to satisfy their contractual obligations under the agreement; design and manufacturing changes and delays; battery cell supply shortages; and general economic and market conditions. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Romeo Power in general, see the risk disclosures in Romeo Power’s Annual Report on Form 10-K for the year ended December 31, 2020 and in other filings made with the SEC by Romeo Power. Forward-looking statements speak only as of the date they are made and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Lionel Selwood Jr. is out as the president and CEO at startup commercial truck battery pack maker Romeo Power Inc., replaced by 30-year auto and energy industries veteran Susan Brennan.

Selwood, who became CEO about a year ago, led the company through its public debut sponsored by special purpose acquisition company RMG Acquisition Corp. Romeo received $384 million before expenses with an enterprise value of $900 million when the business combination closed last December.

Selwood is stepping down and leaving the Romeo board to pursue new opportunities, the company said. He rose through the ranks to the top job and will stay on as senior adviser and consultant to facilitate a smooth leadership transition.

“Lionel has worked tirelessly over the last four and a half years, and past year as CEO, to help Romeo Power successfully become a publicly traded company and achieve key strategic commercial and supply chain partnerships,” Robert Mancini, Romeo board chairman and CEO of RMG Capital which created the SPAC to merge with Romeo, said in a press release Friday.

Even with $525 million in confirmed orders and a five-year supply agreement for battery power systems for the heavy-duty battery-electric Peterbilt 579EV and 520EV refuse trucks, Romeo (NYSE: RMO) could not sustain momentum.

EV infrastructure shares under pressure

Romeo shares closed Friday at $6.64, after nearly touching $40 on Dec. 28, two days before it began trading publicly.

Romeo is not alone in taking a hit to its stock price despite the likelihood of Congress passing a $1 trillion infrastructure bill that includes billions for electric infrastructure. Electric bus maker Proterra Inc. (NASDAQ: PRTA), which is building battery and charging businesses, has seen its shares fall by nearly 50% since mid-June.

“Romeo Power is on the path towards significant advancement in the EV battery market, with the goal of powering the transition to full electrification of commercial and industrial vehicles,” Mancini said.

Veteran leadership

The Romeo board, which includes representatives from investors BorgWarner Inc. (NYSE: BWA) and Republic Services Group (NYSE: RSG), chose Brennan based on her decades of operations experience.

Brennan most recently held the role of chief operations officer at Bloom Energy Corp. (NYSE: BE), which manufactures and markets solid oxide fuel cells that produce electricity on-site. She will take over Aug. 16, the day Romeo will report its Q2 earnings.  

Before Bloom Energy, she was vice president of manufacturing at Nissan Motor Co. (OTC: NSANY) after spending 13 years at Ford Motor Co. (NYSE: F) in roles that included director of manufacturing operations.

“Her direct experience helping scale Bloom Energy from a distributed power startup to a fully operational public company makes her ideally suited to lead Romeo Power as it grows to meet the needs of the most demanding commercial vehicle manufacturers,” Mancini said.

Book of business

Romeo nearly doubled the size of its order book last November when it signed a five-year production contract with Canada’s Lion Electric Co. Romeo expects to book $234 million in revenue from equipping Lion’s Class 6-8 commercial trucks and buses. The company recently expanded its 113,000-square-foot manufacturing facility in Los Angeles.

In January, Romeo signed a deal with Heritage Environmental Services that should lead to fleet sales of 500 electric trucks by 2025, with a long-term goal of electrifying 2,000 trucks.

Nikola Corp. (NASDAQ: NKLA), which was ordering battery packs for its prototype Class 8 electric cabover truck, hinted during an earnings call Tuesday at finding a new supplier.

“Going to 2022 … we are relying on more than just one source in terms of our battery cells,” CEO Mark Russell said. “We have recently started having detailed discussions with respect to [a] battery cell supplier, where we could receive significant battery cells.”

Related articles:

Competition intensifies for commercial vehicle battery makers

GSCW chat recap: Romeo Power CEO on importance of CV batteries

BorgWarner plans 15X growth in electrification revenue by 2030

Click for more FreightWaves articles by Alan Adler.

New York, New York–(Newsfile Corp. – June 9, 2021) – The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO) between October 5, 2020 and March 30, 2021. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York. To get more information go to:

https://www.zlk.com/pslra-1/romeo-power-inc-loss-submission-form?prid=16756&wire=5

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.

Romeo Power, Inc. NEWS – RMO NEWS

CASE DETAILS: According to the filed complaint: (i) Romeo had only two battery cell suppliers, not four, (ii) the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo’s business, operations and business prospects, (iii) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, (iv) Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth, and (v) 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. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.

WHAT THIS MEANS TO SHAREHOLDERS: If you suffered a loss in Romeo Power, you have until June 15, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you purchased Romeo Power securities between October 5, 2020 and March 30, 2021, you may be entitled to compensation without payment of any out-of-pocket costs or fees.

PROTECT YOUR FINANCIAL INTERESTS: Complete this brief submission form https://www.zlk.com/pslra-1/romeo-power-inc-loss-submission-form?prid=16756&wire=5 or call 212-363-7500 to discuss the case with Joseph E. Levi, Esq.

WHY LEVI & KORSINSKY: Levi & Korsinsky have a proven track record of winning cases worth hundreds of millions of dollars for shareholders over a 20-year period. We represent and fight for shareholders who have been wronged by corporations.

Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington, D.C. The Firm’s Founding Partners, Joseph Levi and Eduard Korsinsky, have been representing shareholders and institutional clients for almost 20 years and have achieved remarkable results for clients in the U.S. and internationally. The firm, with more than 80 employees, is committed to fostering, cultivating and preserving a culture of diversity, equity and inclusion for employees and those that we represent. Our attorneys have extensive expertise representing investors in securities litigation with a track record of recovering hundreds of millions of dollars in cases. Levi & Korsinsky was ranked in Institutional Shareholder Services’ (“ISS”) SCAS Top 50 Report for 7 years in a row as a top securities litigation firm in the United States. The SCAS Top 50 Report identifies the top plaintiffs’ securities law firms in the country, and year after year, ISS has recognized Levi & Korsinsky as a leading firm in the area of securities class action litigation.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87149

New York, New York–(Newsfile Corp. – June 8, 2021) – The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders of Romeo Power, Inc. (NYSE: RMO).

Shareholders who purchased shares of RMO during the class period listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/romeo-power-inc-loss-submission-form/?id=16716&from=5

CLASS PERIOD : October 5, 2020 to March 30, 2021

ALLEGATIONS : The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Romeo had only two battery cell suppliers, not four, (ii) the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo’s business, operations and business prospects, (iii) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, (iv) Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth, and (v) 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. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (212) 537-9430
Fax: (833) 862-7770

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87024

New York, New York–(Newsfile Corp. – May 25, 2021) – The Law Offices of Vincent Wong announce that a class action lawsuit has commenced in the on behalf of investors who purchased Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO) between October 5, 2020 and March 30, 2021.

If you suffered a loss, contact us at the link below. There is no cost or obligation to you.
http://www.wongesq.com/pslra-1/romeo-power-inc-loss-submission-form?prid=16198&wire=5

Allegations against RMO include that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) Romeo had only two battery cell suppliers, not four, (ii) the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo’s business, operations and business prospects, (iii) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, (iv) Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth, and (v) 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. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.

If you suffered a loss in Romeo Power you have until June 15, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85279

New York, New York–(Newsfile Corp. – May 24, 2021) –  The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Romeo Power, Inc. (NYSE: RMO) alleging that the Company violated federal securities laws.

Class Period: October 5, 2020 and March 30, 2021
Lead Plaintiff Deadline: June 15, 2021

Learn more about your recoverable losses in RMO:
http://www.kleinstocklaw.com/pslra-1/romeo-power-inc-loss-submission-form?id=16106&from=5

The filed complaint alleges that Romeo Power, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Romeo had only two battery cell suppliers, not four, (ii) the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo’s business, operations and business prospects, (iii) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021, (iv) Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth, and (v) 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. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.

Shareholders have until June 15, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

For additional information about the RMO lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.

J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
Fax: (347) 558-9665
www.kleinstocklaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85045

New York, New York–(Newsfile Corp. – May 22, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against Romeo Power, Inc. (“Romeo” or the “Company”) (f/k/a RMG Acquisition Corp.) (NYSE: RMO) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-04058, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Romeo between October 5, 2020 through March 30, 2021, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Romeo securities during the Class Period, you have until June 15, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

The complaint alleges that, throughout the Class Period, Defendants represented that for 2020 Romeo estimated revenue of $11 million, and for 2021 Romeo estimated revenue of $140 million. Defendants further represented that Romeo had “key partnerships” and close relationships with LG Chem, Samsung, Murata and SK Innovation, which manufacture battery cells, a key component in Romeo’s battery modules and packs and that they were supplying Romeo with battery cells. Furthermore, Defendants represented that Romeo had the capacity and supply to meet end-user demand for Romeo’s products, that Romeo was not beholden “to any level of the value chain”, that its supply was hedged, and that it did not see any material challenges that would hamper growth.

Unknown to investors, Romeo was suffering from an acute shortage of high quality battery cells, which are key raw materials for Romeo’s battery packs and modules, because of supply constraints. Contrary to Defendants’ representations: (i) Romeo had only two battery cell suppliers, not four; (ii) the future potential risks that Defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo’s business, operations, and prospects; (iii) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021; (iv) Romeo’s supply constraint was a material hindrance to Romeo’s revenue growth; and (v) 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. Given the supply constraint that Romeo was experiencing during the Class Period, Defendants had no reasonable basis to represent that the Company had the ability to meet customer demand and that it would support growth in revenue in 2021.

On March 30, 2021, after the market closed, Romeo issued a press release and filed a report with the United States Securities and Exchange Commission on Form 8-K that disclosed its financial results for the quarter and year ended December 31, 2020, and conducted a conference call with investors and analysts. Defendants shocked investors by disclosing that the Company’s production had been hampered by a shortage in supply of battery cells and that its estimated 2021 revenue would therefore be reduced by approximately 71-87%.

During a conference call with investors after the disclosure of Romeo’s financial results and projected results, Defendant Lionel E. Selwood, Jr. (“Selwood, Jr.”) disclosed that the Company had been relying solely on Samsung and LG for its supply of power cells.

On March 31, 2021, Morgan Stanley issued a research report in which it downgraded Romeo’s target price per share from $12 to $7.

Also on March 31, 2021, Romeo shares declined from a closing price on March 30, 2021 of $10.37 per share to close at $8.33 per share, a decline of $2.04 per share, or almost 20%, on heavier than usual volume of over 20 million shares.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84937

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Romeo Power To Contact Him Directly To Discuss Their Options

New York, New York–(Newsfile Corp. – May 15, 2021) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO) and reminds investors of the June 15, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $50,000 investing in Romeo Power stock or options between October 5, 2020 and March 30, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RMO.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that:

(1) Romeo had only two battery cell suppliers, not four, (2) the future potential risks that 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.

On March 31, 2021, Romeo shares declined from a closing price on March 30, 2021 of $10.37 per share to close at $8.33 per share, a decline of $2.04 per share, or almost 20%, on heavier than usual volume of over 20 million shares.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Romeo Power’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84217

San Francisco, California–(Newsfile Corp. – May 15, 2021) – Hagens Berman urges Romeo Power, Inc. (NYSE: RMO) investors with significant losses to submit your losses now. A securities class action has been filed and certain investors may have valuable claims.

Class Period: Oct. 5, 2020 – Mar. 30, 2021

Lead Plaintiff Deadline: June 15, 2021

Visit: http://www.hbsslaw.com/cases/RMO

Contact An Attorney Now: RMO@hbsslaw.com

844-916-0895

Romeo Power, Inc. (NYSE: RMO) Securities Fraud Action:

The complaint centers on Romeo’s misrepresentations and omissions concerning its access to battery cells, a key component of the company’s battery modules and packs.

During the class period, Romeo emphasized the company’s 4 key battery cell supply partners, which in turn eliminated supply chain risks and support its lofty revenue projections ($11 million for 2020 and $140 million for 2021). The company repeatedly assured investors it had sufficient long-term contracts to supply enough battery cells even in the face of the tight supply.

But the truth emerged on Mar. 30, 2021, when Romeo released a dismal outlook for 2021, reducing its 2021 guided revenues by a whopping 71% – 81%, claiming the shortfall stemmed from a shortage of battery cells. On an earnings call later that same day, management elaborated on the supply constraint, admitting that Romeo depended on just 2 (not 4, as previously touted) battery cell suppliers.

In response to this news, Romeo shares declined $2.04 per share, or almost 20%, in a single trading day.

Most recently, on May 13, 2021, the company announced just $1.045 million revenues for Q1 2021. This was a 58% drop from Q1 2020 and a tiny fraction of the $18 – $40 million 2021 revenue guidance given on Mar. 30, 2021. Management noted the company is still looking for battery cell suppliers.

“We’re focused on investors’ losses and proving Romeo concealed supply chain risks,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Romeo Power investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Romeo Power should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email RMO@hbsslaw.com.

# # #

About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84227

Boston, Massachusetts–(Newsfile Corp. – May 15, 2021) – The Thornton Law Firm alerts investors that a class action lawsuit has been filed on behalf of investors of Romeo Power, Inc. (NYSE: RMO). The case is currently in the lead plaintiff stage. Investors who purchased RMO stock or other securities between October 5, 2020 and March 30, 2021, may contact the Thornton Law Firm’s investor protection team by visiting www.tenlaw.com/cases/RomeoPower for more information. Investors may also email investors@tenlaw.com or call 617-531-3917.

FOR MORE INFORMATION: www.tenlaw.com/cases/RomeoPower

The case alleges that Romeo Power and its senior executives made misleading statements to investors and failed to disclose that: (i) Romeo Power had only two battery cell suppliers, not four; (ii) the future potential risks that defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo Power’s business, operations, and prospects; (iii) Romeo Power did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021; (iv) Romeo Power’s supply constraint was a material hindrance to Romeo Power’s revenue growth; and (v) Romeo Power’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. It is alleged that given the supply constraint Romeo Power had no reasonable basis to represent that it had the ability to meet customer demand and that it would support growth in revenue in 2021.

Interested Romeo Power investors have until June 15, 2021 to retain counsel and apply to be a lead plaintiff if they are interested to do so. A lead plaintiff acts on behalf of all other investor class members in managing the class action. Investors do not need to be a lead plaintiff in order to be a class member. If investors choose to take no action, they can remain an absent class member. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney. Thornton Law Firm is not currently representing a plaintiff who filed a complaint but is investigating the case on behalf of investors interested in being a lead plaintiff.

FOR MORE INFORMATION: www.tenlaw.com/cases/RomeoPower

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

CONTACT:

Thornton Law Firm LLP
1 Lincoln Street
State Street Financial Center
Boston, MA 02111
www.tenlaw.com/cases/RomeoPower

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84127