NuScale Power Corporation (NYSE: SMR)

This lawsuit for anyone who acquired securities in NuScale Power Corporation (NYSE: SMR) from March 15, 2023 through November 8, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by touting a contract that the Company had to provide power to Standard Power, while knowing that Standard Power could not keep to the contract because Standard Power had no need for the amount of power that the contract called for. The Company also touted a contract it had with the Utah Associated Municipal Power Systems to provide power to subscribers of the Utah Associated Municipal Power Systems’ Carbon Free Power Project, despite knowing that increasing costs would prevent enough people from subscribing to the program for the program to be commercially successful.

On October 19, 2023, Iceberg Research published a report alleging, among other things, that NuScale “recently disclosed a huge contract with blockchain datacenter service provider Standard Power. This contract has zero chance of being executed as Standard Power clearly does not have the means to support contracts of this size.” Additionally, the report stated that “NuScale has around 15 months before its cash runs out.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 8, 2023, after the market closed, NuScale and UAMPS announced that they had mutually agreed to terminate the CFPP contract because they had failed to engage enough subscribers. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in NuScale Power Corporation (NYSE: SMR) from March 15, 2023 through November 8, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.