NEW YORK, October 14, 2022 (GLOBE NEWSWIRE) – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors in Enviva, Inc. (“Enviva” or the “Company”) (NYSE: EVA).
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On October 12, 2022, Blue Orca Capital issued a brief report claiming that Enviva, a purported ESG wood pellet manufacturer, is “blatantly greenwashing its wood sourcing.”
According to the report, Enviva claims to be “a pure ESG company with a healthy, self-funded dividend and cash flows to provide a platform for future growth,” but instead the company is a “dangerously leveraged and serial fundraiser.” which finances its dividends by raising capital. Among other things, the Blue Orca report claims that Enviva relies on a carbon accounting loophole that “subsidizes European energy companies to replace coal with wood pellets derived from deforestation in the United States,” and that the company inflates profit margins by providing logging equipment in exchange for reduced prices. Additionally, Blue Orca Capital’s report claims that “satellite imagery indicates that, contrary to the company’s claims, Enviva is in many instances sourcing timber from the widely condemned practice of clear-cutting.”
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