NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 15, 2021 to file lead plaintiff applications in a securities class action lawsuit against Romeo Power, Inc. (NYSE: RMO) f/k/a RMG Acquisition Corp. (NYSE: RMG), if they purchased the Company’s securities between October 5, 2020 and March 30, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities of Romeo Power or RMG Acquisition and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-rmo/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 15, 2021.
About the Lawsuit
Romeo Power and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 29, 2020, Romeo announced that it completed its business combination with RMG and the next day began trading its common stock and warrants on the NYSE under the new ticker symbols “RMO” and “RMO.WT”. Then, on March 30, 2021, post-market, the Company shocked investors when it announced its financial results for the quarter and year ended December 31, 2020, disclosing that production had been hindered by a shortage in supply of battery cells and therefore its estimated 2021 revenue would be reduced by approximately 71-87%.
On this news, shares of Romeo plummeted almost 20%, from a closing price of $10.37 per share on March 30, 2021 to close at $8.33 per share on March 31, 2021.
The case is Nichols v. Romeo Power, Inc., No. 21-cv-03362.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.