NEW YORK, May 2, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Romeo Power, Inc. ("Romeo" or the "Company") (NYSE: RMO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Romeo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 30, 2021, Romeo issued a press release announcing its financial and operating results for the fourth quarter of 2020. With respect to its 2021 outlook, citing "supply constraints" and "the significant shortfall in battery cell capacity industrywide," Romeo advised investors that is "now expects its revenue for 2021 to be in the range of $18-40 million"—significantly lower than analyst expectations.
On this news, Romeo's stock price fell $2.04 per share, or 19.67%, to close at $8.33 per share on March 31, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com