NuScale Power Corporation Faces Class Action Lawsuit

The lawsuit alleges false and misleading statements and failure to disclose material adverse facts about the company's business and operations.

NuScale Power Corporation is facing a securities class action lawsuit filed in the United States District Court for the District of Oregon.
The lawsuit alleges that NuScale made materially false and misleading statements, and failed to disclose material adverse facts about its business, operations, and prospects.
Specifically, the lawsuit claims that NuScale failed to disclose that it would be unable to fulfill the Carbon Free Power Project due to inflationary pressures on the cost of construction and power.
The lawsuit also alleges that Standard Power did not have the financial ability to support its agreement with NuScale.
On November 8, 2023, NuScale and Utah Associated Municipal Power Systems announced that they had mutually agreed to terminate the Carbon Free Power Project contract because they had failed to engage enough subscribers.