Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Renewable Energy Group, Inc. who purchased shares between May 3, 2018 and February 25, 2021.
Renewable and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 25, 2021, post-market, the Company announced its 4Q and full year 2020 financial results, disclosing that it would restate “$38.2 million in cumulative revenue from January 2018 through September 30, 2020” because it was not the “proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020,” and that it had reached an agreement with the Internal Revenue Service “on a $40.5 million assessment, excluding interest” to correct these claims.
On this news, shares of Renewable fell $8.17, or 9.5%, over two consecutive trading sessions to close at $77.77 per share on February 26, 2021, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 3, 2021 to request that the court appoint them lead plaintiff.