ENVIVA, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Enviva, Inc. (“Enviva” or the “Company”) (NYSE: EVA) common stock between November 3, 2022 and May 3, 2023, inclusive. The lawsuit seeks to recover Enviva shareholders’ investment losses.
If you purchased common stock in Enviva between November 3, 2022 and May 3, 2023, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
According to the Complaint, Enviva develops, constructs, acquires, and operates fully contracted wood pellet production plants. These plants take wood fiber and aggregate and process it into dry, densified, uniform pellets that can be effectively stored and transported around the world. The Company, describing itself as a “growth-oriented company,” uses its wood pellets to displace coal and other fossil fuels to generate power and heat as part of its efforts to accelerate the transition away from conventional energy sources.
Plaintiff alleges that Defendants represented that Enviva was on track to achieve EBITDA of $305-$335 million for fiscal 2023 and a yearly dividend payout of $3.62 per share, and that Enviva’s liquidity going into 2023 was “strong”.
On May 3, 2023, Defendants issued a press release before the market opened, dramatically lowering their FY 2023 guidance downward and suspended Enviva’s dividend payments going forward. Defendants now projected that Enviva’s 2023 EBITDA would be substantially lower, in the range of $200-250 million, the Company’s net loss would be substantially higher, increasing to a range of $136-$186 million, and its $0.905 per share quarterly dividend was eliminated.
On this news, Enviva’s stock price declined $14.34 per share, or approximately 67.2%, to close at $21.35 per share on May 4, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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