Shareholder Alert: Robbins LLP Notifies Investors of Class Action Lawsuit Against Enviva Inc. (EVA) f/k/a Enviva Partners, LP

SAN DIEGO–(BUSINESS WIRE)–The class: Robbins LLP advises investors that a shareholder has filed a class action lawsuit on behalf of all persons and entities who purchased or otherwise acquired Eviva, Inc. (NASDAQ: EVA) securities between February 21, 2019 and October 11, 2022 , for violation of the Securities Exchange Act of 1934. Enviva, formerly known as Enviva Partners, LP, develops, builds, acquires, owns and operates fully contracted wood pellet plants.

And now: Shareholders in the same situation may be eligible to participate in the class action against Enviva. Shareholders who wish to be named lead class plaintiff must file their documents by January 3, 2023. A lead plaintiff is a representative acting on behalf of other class members to direct litigation. You don’t have to be in the case to be eligible for a clawback. For more information, click here.

All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.

What this case is about: Enviva, Inc. (EVA) Misled Investors About Its Business Prospects

According to the complaint, Enviva’s products are used as a substitute for coal in power generation and combined heat and power plants. Significantly, Enviva markets itself as a “growth-focused” environmental, social and governance (“ESG”) company with a “platform to generate stable and growing cash flow.”

However, during the Class Period, the Defendants failed to disclose that: (i) Enviva misrepresented the environmental sustainability of its wood pellet production and supply; (ii) Enviva had also overestimated the true measure of cash flow generated by the Company’s platform; and (iii) as a result, Enviva had misrepresented its business model and the Company’s ability to achieve the level of growth that defendants had represented to investors.

On October 12, 2022, Blue Orca Capital released a report on Enviva claiming that “new discovered data suggests. . . the company is blatantly laundering its timber sourcing” and called Enviva’s claim to be a “pure play ESG company with a healthy, self-funded dividend and cash flow to provide a platform for future growth as “nonsense from all points of view”. Additionally, the Blue Orca report alleged that “Enviva is a dangerously indebted serial capital raiser whose deteriorating cash conversion and non-profitability will drain it of cash next year” and is “a product of subsidies deranged European weather patterns that incentivize the destruction of American forests so that European power companies can tick a bureaucratic box.

On this news, Enviva’s stock price fell $7.74 per share, or 13.13%, to close at $51.23 per share on October 12, 2022.

Contact us for more information:

Aaron Dumas

(800) 350-6003

[email protected]

Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recoup losses, improving corporate governance structures and holding corporate executives responsible for their wrongdoings since 2002. To be notified in the event of a class action lawsuit against Enviva, Inc. or to receive free alerts when corporate executives commit wrongdoing, sign up for Stock Watch today.

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