NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Enviva Inc. (NYSE: EVA) resulting from allegations that Enviva may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Enviva securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=9162 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On October 12, 2022, before markets opened, market researcher Blue Orca Capital published a report alleging issues with Enviva. In relevant part, the Blue Orca report alleged that, contrary to Enviva’s public representations, Enviva was purchasing wood from clear-cut forests. This, according to the report, would disincentivize large numbers of Enviva customers from purchasing wood pellets from Enviva. Wood pellets produced from clear-cut forests would not qualify for an important ‘renewable energy’ classification.
Furthermore, the Blue Orca report alleged that Enviva was engaging in an equipment-lease scheme to inflate its EBITDA, wherein Enviva would purchase and capitalize equipment, then lease the equipment to loggers who would sell wood pellets to Enviva for a reduced price. This allowed Enviva to lower the cost of materials, allowing Enviva to report artificially boosted EBITDA numbers.
On this news, Enviva share prices dropped by $4.33, or approximately 7.3%, to open on October 12, 2022 at $54.64 per share.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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