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Sunnova Energy International Inc.

1 day left to seek lead plaintiff status

Case Summary

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The Sunnova class action lawsuit seeks to represent purchasers or acquirers of Sunnova Energy International Inc. (NYSE: NOVA) securities between February 25, 2020 and December 7, 2023, both dates inclusive (the “Class Period”).  Captioned Trindade v. Sunnova Energy International Inc., No. 24-cv-00569 (S.D. Tex.), the Sunnova class action lawsuit charges Sunnova and certain of Sunnova’s 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 Sunnova 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 jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Sunnova class action lawsuit must be filed with the court no later than April 16, 2024.

CASE ALLEGATIONS: Sunnova is an energy services provider.  According to the complaint, in September 2023, Sunnova entered into a $3.0 billion partial loan guarantee agreement with the U.S. Department of Energy’s (“DOE”) Loan Programs Office (“LPO”) to support solar loans originated by Sunnova under a new solar loan channel named Project Hestia.

The Sunnova class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Sunnova routinely engaged in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit; and (ii) this conduct subjected Sunnova to a heightened risk of regulatory and/or governmental scrutiny.

The Sunnova class action lawsuit further alleges that on December 8, 2023, Representative Cathy McMorris Rodgers, Chair of the U.S. House Committee on Energy and Commerce, and Senator John Barraso, ranking member of the U.S. Senate Committee on Energy and Natural Resources, sent a letter to the DOE and Sunnova seeking information regarding the LPO’s awareness of and treatment of Sunnova’s allegedly predatory business practices.  On this news, the price of Sunnova stock fell more than 16%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Sunnova securities during the Class Period to seek appointment as lead plaintiff in the Sunnova 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 Sunnova class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Sunnova class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Sunnova 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 most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 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.

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