B. John Casey of Stoel Rives has entered an appearance for NuScale and certain executives in a pending securities class action. The lawsuit, filed Nov. 15 in Oregon District Court, stems from a report published by Iceberg Research in Oct. 2023 which contradicted the company's assertions that it could fulfill large contracts with Utah Associated Municipal Power Systems and Standard Power. According to the suit, the defendants failed to disclose that NuScale would be unable to sign up the amount of subscribers needed to fulfill Utah Associated Municipal Power's carbon-free power project. The suit further contends that the defendants neglected to disclose the weight of inflationary pressures on the cost of energy and construction, and that Standard Power did not have the funds to support its commitments. The action was brought by Block & Leviton and the Wildwood Law Group. The case, assigned to U.S. District Judge Michael W. Mosman, is 3:23-cv-01689, Sigman v. Nuscale Power Corporation et al.
Energy
January 02, 2024, 9:40 AM