Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Maryland on behalf of shareholders of Enviva Inc. who purchased shares between February 21, 2019 and December 7, 2022.
Enviva and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 12, 2022, pre-market, Blue Orca Capital reported a range of allegations against the Company including that “new discovered data suggests . . . the company is flagrantly greenwashing its wood procurement”; “Enviva is a dangerously levered serial capital raiser whose deteriorating cash conversion and unprofitability will drain it of cash next year”; and, that it 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, shares of Enviva stock fell approximately 13.13% to a closing price of $51.23 per share.
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 January 3, 2023 to request that the court appoint them lead plaintiff.