RADNOR, Pa., May 02, 2021 (GLOBE NEWSWIRE) — The law abutting of Kessler Topaz Meltzer & Check, LLP announces that a balance artifice chic activity accusation has been filed in the United States District Court for the Southern District of New York adjoin Romeo Power, Inc. (“Romeo”) (NYSE: RMO; RMO.WT) f/k/a RMG Accretion Corp. (“RMG”) (NYSE: RMG; RMG.U; RMG.WS) on account of those who purchased or acquired Romeo balance amid October 5, 2020 and March 30, 2021, across-the-board (the “Class Period”). Investor Deadline Reminder: Investors who purchased or acquired Romeo balance during the Chic Period may, no afterwards than June 15, 2021, seek to be appointed as a advance plaintiff adumbrative of the class. For added advice or to apprentice how to participate in this activity amuse acquaintance Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; assessment chargeless at (844) 887-9500; via e-mail at firstname.lastname@example.org; or bang https://www.ktmc.com/romeo-powerclass-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=romeo Romeo is an activity technology aggregation focused on designing and accomplishment lithium-ion array modules and packs for bartering electric vehicles. RMG, a appropriate purpose accretion company, or SPAC, was formed for the purpose of entering into a merger, basic banal exchange, asset acquisition, banal purchase, about-face or agnate business aggregate with one or added businesses in the adapted assets and automated abstracts sectors. On October 5, 2020, RMG appear a absolute acceding for a business aggregate with Romeo. On December 29, 2020, Romeo appear that it completed its business aggregate with RMG. The business aggregate was accustomed by RMG stockholders in a appropriate affair captivated on December 28, 2020 and consummated on December 29, 2020. During the Chic Period, the defendants represented that for 2020 Romeo estimated acquirement of $11 million, and for 2021 Romeo estimated acquirement of $140 million. The defendants added represented that Romeo had the accommodation and accumulation to accommodated end-user appeal for Romeo’s products, that Romeo was not bound “to any akin of the amount chain”, that its accumulation was hedged, and that it did not see any actual challenges that would bassinet growth. The accuracy was appear on March 30, 2021 when, afterwards the bazaar closed, Romeo issued a columnist absolution and filed a address with the U.S. Balance and Barter Commission on a Form 8-K that appear its banking after-effects for the division and year concluded December 31, 2020, and conducted a appointment alarm with investors and analysts. The defendants abashed investors by advice that Romeo’s assembly had been bedfast by a curtailment in accumulation of array beef and that its estimated 2021 acquirement would accordingly be bargain by about 71-87%. On March 31, 2021, Morgan Stanley issued a analysis address in which it downgraded Romeo’s ambition amount per allotment from $12 to $7. Following this news, Romeo shares beneath from a closing amount on March 30, 2021 of $10.37 per allotment to abutting at $8.33 per share, a abatement of $2.04 per share, or about 20%. The complaint alleges that throughout the Chic Period, the defendants buried that: (1) Romeo had alone two array corpuscle suppliers, not four; (2) the approaching abeyant risks that the defendants warned of apropos accumulation disruption or curtailment had already occurred and were already abnormally affecting Romeo’s business, operations and prospects; (3) Romeo did not accept the array corpuscle account to board end-user appeal and access up assembly in 2021; (4) Romeo’s accumulation coercion was a actual albatross to Romeo’s acquirement growth; and (5) Romeo’s accumulation alternation for array beef was not hedged, but in fact, was absolutely at accident and bound to aloof two array corpuscle suppliers and the atom bazaar for their 2021 inventory. Romeo investors may, no afterwards than June 15, 2021, seek to be appointed as a advance plaintiff adumbrative of the chic through Kessler Topaz Meltzer & Check, LLP or added counsel, or may accept to do annihilation and abide an absent chic member. A advance plaintiff is a adumbrative affair who acts on account of all chic associates in administering the litigation. In adjustment to be appointed as a advance plaintiff, the Court charge actuate that the chic member’s affirmation is archetypal of the claims of added chic members, and that the chic affiliate will abundantly represent the class. Your adeptness to allotment in any accretion is not afflicted by the accommodation of whether or not to serve as a advance plaintiff. Kessler Topaz Meltzer & Check, LLP prosecutes chic accomplishments in accompaniment and federal courts throughout the country involving balance fraud, breaches of fiduciary duties and added violations of accompaniment and federal law. Kessler Topaz Meltzer & Check, LLP is a active force abaft accumulated babyminding reform, and has recovered billions of dollars on account of institutional and alone investors from the United States and about the world. The abutting represents investors, consumers and whistleblowers (private citizens who address counterfeit practices adjoin the government and allotment in the accretion of government dollars). The complaint in this activity was not filed by Kessler Topaz Meltzer & Check, LLP. For added advice about Kessler Topaz Meltzer & Check, LLP amuse appointment www.ktmc.com. CONTACT: Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)email@example.com
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