RADNOR, Pa., May 1, 2021 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Romeo Power, Inc. (“Romeo”) (NYSE:  RMO; RMO.WT) f/k/a RMG Acquisition Corp. (“RMG”) (NYSE:  RMG; RMG.U; RMG.WS) on behalf of those who purchased or acquired Romeo securities between October 5, 2020 and March 30, 2021, inclusive (the “Class Period”).

Investor Deadline Reminder:  Investors who purchased or acquired Romeo securitiesduring the Class Period may, no later than June 15, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP:  James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail atinfo@ktmc.com; orclick https://www.ktmc.com/romeo-powerclass-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=romeo 

Romeo is an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. RMG, a special purpose acquisition company, or SPAC, was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the diversified resources and industrial materials sectors.

On March 30, 2021, after the market closed, Romeo issued a press release and filed a report with the U.S. Securities and Exchange Commission on a Form 8-K that disclosed its financial results for the quarter and year ended December 31, 2020, and conducted a conference call with investors and analysts. The defendants shocked investors by disclosing that Romeo’s production had been hampered by a shortage in supply of battery cells and that its estimated 2021 revenue would therefore be reduced by approximately 71-87%.  On March 31, 2021, Morgan Stanley issued a research report in which it downgraded Romeo’s target price per share from $12 to $7.  Following this news, Romeo’s shares declined from a closing price on March 30, 2021 of $10.37 per share to close at $8.33 per share, a decline of $2.04 per share, or almost 20%.

The complaint alleges that throughout the Class

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