Law Offices of Howard G. Smith reminds investors of the upcoming November 13, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Enviva Inc. (“Enviva” or the “Company”) (NYSE: EVA) common stock between November 3, 2022 and May 3, 2023, inclusive (the “Class Period”).
Investors suffering losses on their Enviva investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On May 3, 2023, Enviva lowered its Full Year 2023 guidance and suspended its dividend payments going forward. The Company predicted that its 2023 EBITDA would be significantly lower and its net loss would be higher, stating that “contract labor is too high, discipline around repairs and maintenance spend is insufficient, wood input costs need to come down further and stay there, and utilization rates at specific plants need to improve and stabilize at those improved levels.”
On this news, Enviva’s stock price fell $14.34, or 67.2%, to close $7.01 per share on May 4, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the financial condition of the Company including its EBITDA and net loss forecasts, liquidity position, capital allocations, operation costs, productivity and the impact of these metrics on the Company’s ability to continue paying dividends in 2023; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Enviva common stock during the Class Period, you may move the Court no later than November 13, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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