If you purchased or acquired securities in Enviva stock or options between November 3, 2022 and May 3, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/EVA
There is no cost or obligation to you.
NEW YORK, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Enviva Inc. (“Enviva” or the “Company”) (NYSE: EVA) and reminds investors of the November 13, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material information about the financial condition of Enviva, including its earnings before interest, taxes, depreciation, and amortization and net loss forecasts, liquidity position, capital allocations, operation costs, productivity, and the impact of these metrics on Enviva's ability to continue paying dividends in 2023. When the true details entered the market, the lawsuit claims that investors suffered damages.
The truth was revealed on May 3, 2023, when, after the market closed, Enviva issued a press release announcing results for the first quarter of 2023 that came in below the Street's revenue and EPS expectations. The complaint alleges that in speaking the truth Enviva acknowledged that "specific" previously undisclosed "issues" impacting Enviva's plans to improve productivity and reduce costs caused Enviva's operating results to fall behind expectations. As a result, Enviva eliminated its $0.905 per share quarterly dividend to preserve liquidity and dramatically lowered its 2023 net loss and adjusted EBITDA guidance.
In response to this news, on May 4, 2023, the price of Enviva's common stock fell $14.34 per share to $7.01 or a 67.2% drop on exceptionally heavy volume of 15.6 million shares, more than 28 times the average daily trading volume of Enviva's common stock.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Enviva’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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