Stoll Berne, led by attorneys Tim DeJong, Keith Ketterling, and Lydia Anderson-Dana, recently filed a proposed $100 million breach of contract class action lawsuit against NuScale Power LLC and other entities in the United States District Court, District of Oregon.
Plaintiffs, a group of former NuScale Power executives, allege that their stock shares were devalued in a restructuring preceding a merger in the Spring of 2022. After the undisputed merger was complete, NuScale went public on the New York Stock Exchange. The lawsuit alleges that the NuScale violated an operating agreement that contains a provision for a 1:1 conversion of common or option shares. The Plaintiffs claim that shares to preferred members were converted at a 1:1.6 conversion. Plaintiffs claim this unlawful restructuring of stock shares, in turn, led to a devaluation for common stock members while majority owner, Fluor Corp., and preferred members, unjustly gained value.
The case is Surina et al. v. NuScale Power LLC et al. in the U.S. District Court, District of Oregon, Case No. 3:22cv1410.
- September 20, 2022, Portland Business Journal: Former execs sue NuScale, claiming merger restructuring robbed them of at least $100M