NuScale Power Corporation (SMR) Investigation

On July 29, 2024, Hunterbrook Media reported that the SEC is conducting an “active and ongoing” investigation into NuScale and noted that after Hunterbrook's publication “a spokesperson wrote in a statement: ‘[w]e are unaware of any SEC investigation into NuScale or any reason for such an investigation.’” 

But, on August 2, 2024, NuScale did an about face. The company admitted that, contrary to its July 29 denial, in December 2023 the SEC requested information relating to the company’s employment, severance, and confidentiality agreements. In addition, NuScale revealed that the SEC requested additional information from the company on July 31, 2024.

Each of these events drove the price of NuScale shares sharply lower.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the SMR investigation about?

We are investigating the propriety of NuScale’s financial disclosures and operations, including whether the company’s agreements with employees suppress whistleblowing.

WHAT SHOULD I DO?

I worked at SMR. What should I do?

If you were an employee of SMR, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in SMR, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any SMR investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.