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Romeo is an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles.
The complaint alleges that throughout the Class Period, the defendants concealed that: (1) Romeo had only two battery cell suppliers, not four; (2) the future potential risks that the defendants warned of concerning supply disruption or shortage had already occurred and were already negatively affecting Romeo's business, operations and prospects; (3) Romeo did not have the battery cell inventory to accommodate end-user demand and ramp up production in 2021; (4) Romeo's supply constraint was a material hindrance to Romeo's revenue growth; and (5) Romeo's supply chain for battery cells was not hedged, but in fact, was totally at risk and beholden to just two battery cell suppliers and the spot market for their 2021 inventory.