BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Romeo Power Inc. f/k/a RMG Acquisition Corp. (“Romeo” or the “Company”) (NYSE: RMO) investors concerning the Company’s possible violations of federal securities laws.
On March 30, 2021, Romeo announced that, as a result of a significant supply shortage of battery cells, its fiscal 2021 revenue guidance would be reduced by 71-87%. During a related conference call, the Company revealed that it relied solely on Samsung and LG for its supply of power cells, not four different cell suppliers as Romeo had previously stated.
On this news, the Company’s stock price fell $2.04 per share, or 19.7%, to close at $8.33 per share on March 31, 2021, thereby injuring investors.
If you purchased Romeo 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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