Investor Reminder: Lead Plaintiff Deadline Approaches for Enviva Inc. in Class Action Lawsuit

LOS ANGELES, Nov. 09, 2023 -- Investors are being reminded by Glancy Prongay & Murray LLP ('GPM') of the impending deadline of November 13, 2023, to file a lead plaintiff motion in the lawsuit against Enviva Inc. EVA, a wood pellet producer based in Bethesda, Maryland. The lawsuit represents investors who acquired shares of Enviva common stock within the period spanning November 3, 2022, to May 3, 2023 (the 'Class Period').

Details of the Enviva Inc. Class Action Lawsuit

The class action lawsuit alleges that Enviva and certain of its executives made materially false and misleading statements and failed to disclose adverse facts about the Company's operations and financial health. These undisclosed details pertained to forecasts for EBITDA and net loss, liquidity status, operation costs, productivity, and the ability to uphold dividend payments in 2023. As a result, statements released by the Company about its business and prospects during the Class Period were allegedly misleading.

Fallout from Enviva's Revised 2023 Guidance

On May 3, 2023, Enviva rattled the market with a significant adjustment to its Full Year 2023 guidance, which included a suspension of dividend payments. The Company's revised forecasts featured a substantial dip in expected EBITDA and an increase in net loss projections, citing several operational inefficiencies like high contract labor costs and lack of maintenance spending discipline. The publicly shared revision caused Enviva’s stock price to plummet by 67.2%, closing at $7.01 per share on the following day and consequently inflicting damage on investors.

Investor Actions and Legal Representation

Those who have sustained losses on their EVA investments are encouraged to contact GPM to inquire about potential claims for recovering these financial damages under federal securities laws. Charles H. Linehan of GPM is available to assist investors with questions regarding their rights and potential claims. Shareholders interested in seeking appointment as lead plaintiff must move the court by November 13, 2023. Investors are not required to take immediate action to join the class action; they may appoint their attorney or opt to remain an absent class member.

About Meta Platforms Inc.

While the Enviva lawsuit unfolds, Meta Platforms Inc. META, a different entity specializing in social connection technologies and platforms, carries on with its operations in Menlo Park, California. It stands separate from the ongoing legal challenges involving EVA.

Enviva, Investors, Deadline, Lawsuit, EVA, META