SAN FRANCISCO, CA / ACCESSWIRE / November 22, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that Enviva Inc. ("Enviva" or the "Company") investors who suffered losses from purchasing or otherwise acquiring Enviva securities (NYSE:EVA) between February 21, 2019 and October 11, 2022 contact our attorneys immediately regarding the pending securities fraud class action against Enviva. The last day to apply to be a lead plaintiff is January 3, 2023.
Class Period: February 21, 2019 - October 11, 2022
Lead Plaintiff Motion Deadline: January 3, 2023
Case information: lieffcabraser.com/securities/enviva/
Contact us: Email or text [email protected] or call 1-800-541-7358
The securities class action alleges defendants made materially false and misleading statements and/or failed to disclose that: (a) Enviva misrepresented the environmental sustainability of its wood pellet procurement and production process; (b) the Company overstated its cash flows; and (c) Enviva misrepresented its ability to grow.
On October 12, 2022, investment firm Blue Orca Capital published a report claiming that new data showed that Enviva was greenwashing its wood procurement process. The report also claimed that Enviva was "dangerously levered" and whose poor cash flow generation would leave the Company with negative cash flows by next year. On this news, the price of Enviva stock fell $7.74 per share, or 13.13%, to close at $51.23 per share on October 12, 2022, on elevated trading volume.
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SOURCE: Lieff Cabraser Heimann & Bernstein