/PRNewswire/ Hagens Berman urges ChemoCentryx, Inc. (NASDAQ: CCXI) investors with significant losses to submit your losses now. A securities fraud class.
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) batter