NuScale Power Corporation

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Lesley F. Portnoy, Esq.,
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On October 19, 2023, Iceberg Research released a research report that contradicted NuScale’s earlier claims regarding its ability to fulfill two significant contracts: (1) a contract with the Utah Associated Municipal Power Systems (“UAMPS”) for the Carbon Free Power Project (“CFPP”) and (2) a contract with Standard Power, a company focused on providing data center services for businesses specializing in blockchain mining and high-performance computing applications. Following this news, the price of NuScale shares declined by $0.58 per share, representing a drop of approximately 11.51%, with the stock closing at $4.46 on October 19, 2023.

Subsequently, on November 8, 2023, NuScale and UAMPS jointly announced the termination of the CFPP contract due to their inability to secure sufficient subscribers. In response to this development, NuScale’s share price experienced a substantial decline of $1.02 per share, equivalent to approximately 32.9%, with the stock closing at $2.08 on November 9, 2023.

The lawsuit alleges that, throughout the Class Period, the Defendants engaged in false and/or misleading statements and failed to disclose the following:

  1. The impact of inflationary pressures on the construction and power costs, making it unlikely for the Company and UAMPS to attract enough subscribers to fulfill the CFPP contract.
  2. Standard Power lacked the financial capacity to fulfill its agreement with NuScale.

As a result of these alleged omissions and misrepresentations, the lawsuit contends that the positive statements made by the Defendants about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable basis.