EVA - Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Enviva Inc. (EVA) | Benzinga
NEW YORK, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities who purchased Enviva Inc. ("Enviva" or "Company") (NYSE:EVA) between November 3, 2022 through May 3, 2023, both dates inclusive (the "Class Period").
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: Defendant Keppler told call participants on a November 3, 2022 earning call, "[a]s we look into 2023, we are really starting to hit our stride as a corporation …" (emphasis added). The Complaint further alleges that Keppler added that the Company was experiencing "the continued operational improvements … across our fully contracted asset base" and that "productivity and the benefit of the multi-plant expansions drives increased volume and improved fixed cost absorption."
The Complaint alleges that the Defendants continued to make statements promoting the financial stability of Enviva and on a March 1, 2023 earnings call, Defendant Meth told call participants that "we firmly believe in the cash flow profile of this business and I've strong conviction around our ability to not only deliver $305 million to $335 million in adjusted EBITDA for 2023 but also to double adjusted EBITDA over the next four ...
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