Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Enviva Inc. (“Enviva” or the “Company”) (NYSE: EVA) securities between February 21, 2019 and October 11, 2022, inclusive (the “Class Period”). Enviva investors have until January 3, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Enviva investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 12, 2022, before market hours, Blue Orca published a report which alleged, among other things, that “new discovered data suggests . . . the company is flagrantly greenwashing its wood procurement” and characterized Enviva’s claim to be a “pure play ESG Company with a healthy, self-funded dividend and cash flows to provide a platform for future growth” as “nonsense on all counts.” The report further alleged that “Enviva is a dangerously levered serial capital raiser whose deteriorating cash conversion and unprofitability will drain it of cash next year” and is “a product of deranged European climate subsidies which incentivize the destruction of American forests so that European power companies can check a bureaucratic box.”
On this news, Enviva’s stock fell $7.74, or 13.1%, to close at $51.23 per share on October 12, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Enviva had misrepresented the environmental sustainability of its wood pellet production and procurement; (2) Enviva had similarly overstated the true measure of cash flow generated by the Company’s platform; (3) accordingly, Enviva had misrepresented its business model and the Company’s ability to achieve the level of growth that Defendants had represented to investors; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Enviva securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20221104005648/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
