NEW YORK, Oct. 19, 2022 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of Enviva Inc. shareholders. Eve based on allegations that Enviva may have disclosed materially misleading business information to the investing public.
SO WHAT: If you have purchased Enviva securities, you may be entitled to compensation without payment of out-of-pocket expenses or costs through a contingency fee arrangement. Law firm Rosen is preparing a class action lawsuit to recover investor losses.
WHAT TO DO NEXT: To participate in the prospective class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=9162 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] or [email protected] for information about the Class Action.
WHAT IS THIS ABOUT: On October 12, 2022, before the markets open, market researcher Blue Orca Capital released a report reporting alleged issues with Enviva. The relevant part of the Blue Orca report alleged that Contrary to Enviva’s public representations, Enviva purchased timber from logged forests. According to the report, this would discourage many Enviva customers from buying wood pellets from Enviva. Wood pellets made from deforested forests would not qualify for an important classification as “renewable energy”.
In addition, the Blue Orca report claimed that Enviva engaged in an equipment leasing program to inflate its EBITDA, in which Enviva bought and capitalized equipment and then leased the equipment to loggers, who sold wood pellets to Enviva at a reduced price. This allowed Enviva to reduce material costs, allowing Enviva to report artificially inflated EBITDA numbers.
As a result of this news, Enviva’s stock price fell $7.74 per share, or approximately 13%, to close at $51.23 per share on October 12, 2022.
WHY ROSES LAW: We encourage investors to select qualified attorneys with a track record in leadership positions…
Read full story here https://www.benzinga.com/pressreleases/22/10/g29329450/rosen-respected-investor-counsel-encourages-enviva-inc-investors-with-losses-to-inquire-about-secu