nuscale power -- entra1 partner securities fraud

case overview

a securities class action was filed against nuscale power corporation on february 18, 2026, alleging the company misrepresented the qualifications of its commercialization partner entra1 energy llc and made a $495 million payment to an entity with no nuclear experience.

Case	Truedson v. NuScale Power Corporation, No. 3:26-cv-00328
Court	U.S. District Court, District of Oregon
Filed	February 18, 2026
Class Period	May 13, 2025 — November 6, 2025
Lead Plaintiff Deadline	April 20, 2026
Peak-to-Trough Decline	~70% (from ~$57 to ~$17)
Defendants	NuScale Power, executives, Fluor Corporation
Status	Active

allegations

unqualified partner: entra1 energy llc had never built, financed, or operated any significant projects in nuclear power generation
misattributed experience: the experience attributed to entra1 actually referred to the habboush group, a distinct entity without significant nuclear experience
outsized payment: nuscale entrusted $495 million to an entity lacking the experience necessary to deliver on its commercialization promises

key events

november 6, 2025

nuscale disclosed that g&a expenses ballooned from $17 million to $519 million in q3 2025, largely due to a $495 million payment to entra1. under analyst pressure, nuscale admitted that entra1 would not actually be “out there building the power plants.”

stock dropped 12% over two days (from ~$32 to ~$28) and continued falling to ~$17 by november 21, 2025 — more than 70% below the class period high.

significance

this case sits at the intersection of the nuclear renaissance and data center buildout. nuscale’s small modular reactor (smr) technology is directly relevant to data center power supply — the company had positioned itself as a key enabler of nuclear-powered ai infrastructure. the revelation that its primary commercialization partner lacked nuclear experience undermines confidence in the broader nuclear-for-data-centers pipeline.

sources

last updated: february 22, 2026