Enviva Inc. Class Action Lawsuit - EVA
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The Enviva class action lawsuit seeks to represent purchasers or acquirers of Enviva Inc. (NYSE: EVA) securities between February 21, 2019 and October 11, 2022, inclusive (the “Class Period”). Captioned Fagen v. Enviva Inc., No. 22-cv-02844 (D. Md.), the Enviva class action lawsuit charges Enviva and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Enviva class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Enviva class action lawsuit must be filed with the court no later than January 3, 2023.
CASE ALLEGATIONS: Enviva, formerly known as Enviva Partners, LP, develops, constructs, acquires, and owns and operates, fully contracted wood pellet production plants. Enviva touts itself as a “growth-oriented” environmental, social, and governance (“ESG”) company with a “platform to generate stable and growing cash flows.”
The Enviva class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Enviva had misrepresented the environmental sustainability of its wood pellet production and procurement; (ii) Enviva had similarly overstated the true measure of cash flow generated by Enviva’s platform; and (iii) accordingly, Enviva had misrepresented its business model and Enviva’s ability to achieve the level of growth that defendants had represented to investors.
On October 12, 2022, Blue Orca Capital published a report on Enviva alleging, among other things, that “newly discovered data suggests . . . [Enviva] 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.” Moreover, the Blue Orca report 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 price fell by more than 13%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Enviva securities during the Class Period to seek appointment as lead plaintiff in the Enviva class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Enviva class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Enviva class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Enviva class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.