Investors file suit against NuScale after 12% stock slide, allege ENTRA1 misrepresentations

A securities fraud class action has been announced against NuScale Power Corporation (NYSE: SMR), with law firms telling investors the complaint follows a roughly 12% stock decline tied to alleged misstatements about the company's commercial partner ENTRA1. The case is captioned Truedson v. NuScale Power Corporation, No. 3:26-cv-00328, pending in the U.S. District Court for the District of Oregon, and the deadline to seek lead-plaintiff status is April 20, 2026.

Bleichmar Fonti & Auld LLP said a class action has been filed on behalf of purchasers of NuScale Class A common stock and noted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The firm's GlobeNewswire distribution referenced a 12% stock decline and included an image noting the "Largest Alleged Stock Decline: November 10, 2025 - 12.4% Stock Drop." Kessler Topaz Meltzer & Check, Kirby McInerney, and DiCello Levitt also issued investor notices describing the suit and urging eligible shareholders to consider acting by the April 20 deadline.

The complaints, as summarized by the plaintiff firms, center on NuScale's public statements and an SEC-filed Strategic Alliance Agreement with ENTRA1. Kessler Topaz says NuScale touted ENTRA1 as "lead[ing]" customer discussions during a May 12, 2025 post-market earnings call and claimed "[p]otential customers" were "attracted to ENTRA1's commercial model." That Strategic Alliance Agreement was attached to NuScale's May 12 SEC quarterly report, the firms note, and the complaint alleges the company emphasized ENTRA1's purported "experience" developing, managing, and financing global infrastructure projects.

Kirby McInerney's alert adds sharper allegations about ENTRA1's background, stating that "ENTRA1 had never built, financed, or operated any significant projects, let alone projects in the highly technical and complicated field of nuclear power generation, during its entire operating history." The firm says NuScale "had entrusted its commercialization, distribution, and deployment of its NPM and hundreds of millions of dollars of NuScale capital to an entity that lacked any significant prior experience owning, financing, or operating nuclear energy generation facilities." Kirby further alleges the experience attributed to ENTRA1 actually referenced principals of the Habboush Group, "a distinct entity without significant experience in the field of nuclear power."

Firms point to a sequence of events they say mattered to investors: NuScale's May 12, 2025 SEC filing and conference call that began the class period (May 13, 2025 through November 6, 2025), a Sept. 2, 2025 ENTRA1–Tennessee Valley Authority announcement that appeared to validate the partnership, and a sharp share drop on Nov. 10, 2025 that the Bleichmar distribution highlighted as a 12.4% decline. The notices do not supply dollar loss totals or trading volumes.

Investor outreach lines are active: Kirby McInerney lists Lauren Molinaro at investigations@kmllp.com, DiCello Levitt posts contact for attorneys Brian O’Mara and Hani Farah at (888) 287-9005 or investors@dicellolevitt.com, and Kessler Topaz directs investors to ktmc.com. The law-firm releases do not include statements from NuScale, ENTRA1, the Habboush Group, or TVA, and they do not identify individual NuScale executives by name in the excerpts distributed.

Market implications are immediate for NuScale's commercialization plan. Plaintiffs link the ENTRA1 partnership to NuScale's ability to move its NuScale Power Module technology from development to deployment, a critical revenue pathway for the modular reactor maker. If the allegations survive initial motions, litigation could complicate project financing and investor confidence at a moment when the small modular reactor sector is seeking large-scale capital commitments.