Everything You Need to Know about the NuScale Class Action Lawsuit

If you suffered losses in NuScale stock, contact NuScale stock loss lawyer Timothy L. Miles about a NuScale class action lawsuit

introduction to the NUSCALE CLASS ACTION LAWSUIT

The NuScale class action lawsuit has garnered attention since its recent filing, and it is important to understand the details surrounding this legal battle. In this comprehensive guide, we will cover all the essential information about the NuScale class action lawsuit, including the allegations, the lead plaintiff process, the benefits of serving as a lead plaintiff, and much more.

Understanding the NuScale Class Action Lawsuit

NuScale Power Corporation (NYSE: SMR) is a nuclear power company known for its development of small modular reactor technology. The NuScale class action lawsuit alleges that the company and certain current and former executive officers violated the Securities Exchange Act of 1934. The lawsuit seeks to represent purchasers or acquirers of NuScale securities between March 15, 2023, and November 8, 2023 (the "Class Period").

Allegations in the NuScale Class Action Lawsuit

​The NuScale class action lawsuit accuses the defendants of making false and/or misleading statements and/or failing to disclose crucial information during the Class Period. These alleged omissions and misrepresentations revolve around two key aspects:
​

1. ​​Carbon Free Power Project (CFPP) Contract: The lawsuit alleges that NuScale and the Utah Associated Municipal Power Systems (UAMPS) would be unable to sign up enough subscribers to fulfill their CFPP contract due to the effect of inflationary pressures on the cost of construction and power.
2. Standard Power Agreement: The lawsuit further claims that Standard Power did not have the financial ability to support its agreement with NuScale, contradicting NuScale's claims.

Impact on NuScale Stock

The NuScale class action lawsuit had a significant impact on the company's stock price. On October 19, 2023, Iceberg Research issued a research report that contradicted NuScale's claims regarding the CFPP contract and the agreement with Standard Power. As a result, the price of NuScale stock fell more than 25% over two trading sessions. Then, on November 8, 2023, NuScale and UAMPS announced the mutual termination of the CFPP contract due to a failure to engage enough subscribers. This news caused the price of NuScale stock to drop nearly 33%.

The Lead Plaintiff Process in the NuScale Class Action Lawsuit

If you suffered losses in NuScale stock and wish to serve as the lead plaintiff in the NuScale class action lawsuit, there is a specific process you need to follow. The lead plaintiff is responsible for representing the interests of the class and plays a crucial role in the litigation. To be considered as the lead plaintiff, you must file a lead plaintiff motion with the court no later than January 16, 2024.

Can a Non-U.S. Investor Serve as Lead Plaintiff in the NuScale Class Action Lawsuit?

Non-U.S. investors who suffered losses in NuScale stock may wonder if they can serve as the lead plaintiff in the NuScale class action lawsuit. The answer is yes, non-U.S. investors can serve as lead plaintiffs if they meet the criteria and have suffered losses in NuScale stock during the Class Period.

Benefits of Serving as Lead Plaintiff in the NuScale Class Action Lawsuit

​Serving as the lead plaintiff in the NuScale class action lawsuit comes with several advantages and important benefits, including:

1. Negotiating Power: As the lead plaintiff, you have the opportunity to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel's work.
2. Active Involvement: You can actively manage the litigation by overseeing and monitoring its progress, reviewing and commenting on important filings and documents, and staying informed about the case's developments.
3. No Financial Risk: Serving as the lead plaintiff carries no financial risk. Lead counsel covers all costs and expenses related to the prosecution of the case, and they will only be reimbursed if there is a successful settlement or judgment recovery on behalf of the class.
4. Involvement in Settlement Negotiations: Lead plaintiffs have the benefit of being involved and active in all negotiations related to any potential settlement.
5. Long-Term Benefits: Lead plaintiffs who continue to own NuScale stock may enjoy the long-term benefits resulting from governance reform brought about by the litigation.

The role of the lead plaintiff is critical in representing the class's interests and seeking justice for the alleged violations.

Can I Be Appointed Lead Plaintiff if I Purchased Shares Outside of the Class Period?

To be appointed lead plaintiff in the NuScale class action lawsuit, you must have purchased shares during the Class Period when the alleged artificial inflation of the stock price occurred. If your purchases fall within this period, you may be eligible to serve as the lead plaintiff.

Will the Lead Plaintiffs Receive More Money than Class Members if the NuScale Class Action Lawsuit?

No, lead plaintiffs do not receive more money than other class members if a settlement is reached. According to the Private Securities Litigation Reform Act of 1995, a lead plaintiff is entitled to their pro rata share of any recovery, just like other class members. However, the court may approve an award of "reasonable costs and expenses (including lost wages)" to the lead plaintiff directly related to the representation of the class.

Can I Be Lead Plaintiff in the NuScale Class Action Lawsuit if I am Lead Plaintiff in Another Case?

Yes, you can be the lead plaintiff in the NuScale class action lawsuit even if you have served as lead plaintiff in other securities class actions. However, the securities laws expressly prohibit individuals from being lead plaintiffs in more than five securities class actions during any three-year period.

Can the Court Appoint More than One Lead Plaintiff in the NuScale Class Action Lawsuit?

The court has the discretion to appoint more than one lead plaintiff in the NuScale class action lawsuit. The decision to appoint multiple lead plaintiffs depends on various factors, including the size and complexity of the case.

How Was the Class Period Determined in the NuScale Class Action Lawsuit?

In securities fraud class action lawsuits, the class period is determined based on the alleged period when the company's stock price was artificially inflated due to false or misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact or fails to disclose a material fact necessary to make other statements not misleading. The class period ends when the truth is revealed through a corrective disclosure. To be part of the class in the NuScale class action lawsuit, you must have suffered losses in NuScale stock during the class period.

How Can an NuScale Stock Loss Lawyer Help if You Suffered Losses in NuScale Stock?

​If you suffered losses in NuScale stock, it is crucial to seek the assistance of an experienced NuScale stock loss lawyer. These lawyers are skilled in the complex laws governing the securities industry and litigation. By working with a qualified lawyer, you can benefit from their expertise in representing individual investors or funds who have been victims of fraud or have disputes with investment professionals.

NuScale stock loss lawyers understand the challenges faced by individual investors and can help you navigate the legal process. They will advocate for your rights, provide guidance, and work towards recovering your losses. Whether it is through negotiation or litigation, a NuScale stock loss lawyer will fight for your interests.

Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions.

One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic, including most recently being named a Top 25 Class action lawyer by the National Trial Lawyers Association, and has maintained an AV rating from Martindale-Hubble since 2014, was named a 2023 Top Rated Litigator and 2023 Top Rated Lawyer by Martindale-Hubble and ALM, and was recently named a 2023 Elite Lawyer of the South by Martindale-Hubble for the fifth year in a row, and was a recipient of Avvo Client’s Choice Award in 2021, in 2022 was featured in the Top 100 Lawyers Magazine and received the Lifetime Achievement Award by Premier Lawyers of America (2019–2021).

​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

Are You a Member of the Class in the NuScale Class Action Lawsuit?

If you purchased NuScale stock during the class period and suffered losses, you are likely a member of the class in the NuScale class action lawsuit. This means you may be eligible to participate in the lawsuit and potentially receive a share of any settlement or recovery.

Potential Recovery in the NuScale Class Action Lawsuit

In a securities fraud class action lawsuit, the plaintiff's damages are typically calculated as out-of-pocket losses. These losses represent the difference between the price at which the stock was sold and the price at which the stock would have been sold without the alleged artificial inflation caused by the defendants' misrepresentations or omissions. If you suffered losses in NuScale stock, a NuScale stock loss lawyer can explain your potential recovery in greater detail.

Missing the Lead Plaintiff Deadline in the NuScale Class Action Lawsuit

If you missed the lead plaintiff deadline in the NuScale class action lawsuit, you are still a class member and entitled to share in any potential settlement or recovery. Your ability to recover your losses is not dependent on serving as the lead plaintiff. The sixty-day deadline only applies to shareholders seeking to be the lead plaintiff in the NuScale class action lawsuit.

Receiving Payment in the NuScale Class Action Lawsuit Settlement

If a settlement is reached in the NuScale class action lawsuit, you will receive a court-ordered Notice through the mail. This notice will provide information about a final hearing where the court will decide whether to approve the settlement. If your address has changed, you can also find information about lawsuits through sites such as Consumer Action and ClassAction.org, along with instructions on how to submit a claim.

In some class action settlements, you may be automatically included as a participating class member, requiring no further action. However, in other cases, you may need to submit additional information, such as documentation proving your purchase of NuScale stock during the class period. The court will hold a final hearing to decide on the settlement's approval, and if there are no objections or appeals, settlement payments will be mailed to all participating class members within a few months. However, if objections or appeals arise, the resolution process can take longer.

Objecting to the NuScale Class Action Lawsuit Settlement

If you receive a notice about the settlement in the NuScale class action lawsuit and believe it is unfair, you have the option to object to the settlement. You can object to any part of the settlement, and the court will consider all timely filed objections. The notice will provide the deadline for filing objections and include instructions on where to send them. If you wish to be heard by the court, you can also attend the final hearing in the class action against NuScale.

CONTACT A NUSCALE STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN NUSCALE STOCK ABOUT A NUSCALE CLASS ACTION LAWSUIT

​If you suffered losses in NuScale stock, contact NuScale stock loss lawyer Timothy L. Miles today for a free case evaluation about a NuScale class action lawsuit. ​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

NuScale stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator, and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, Class Action:  Class Action: Top 100 National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America's Most Honored Lawyers 2020; Top 1% by America's Most Honored (2020-2022).  Mr. Miles has published over three hundred articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or Resources center and call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529