NEW YORK, Nov. 04, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announce that it has filed a securities class action lawsuit in the United States District Court for the District of Maryland on behalf of all individuals or entities that purchased Enviva Inc was submitted. (“Enviva” or “Company”) Eve between February 21, 2019 and October 11, 2022, both dates inclusive (the “Class Period”).

According to the lawsuit, the defendants made false and/or misleading claims and/or failed to disclose that: (i) Enviva misrepresented the environmental sustainability of its wood pellet production and sourcing; (ii) Enviva had similarly overstated the true measure of cash flow generated by Enviva’s platform; and (iii) accordingly, Enviva misrepresented its business model and Enviva’s ability to achieve the levels of growth that Defendants presented to investors.

On October 12, 2022, Capital of the Blue Orca published a report on Enviva, which claimed, among other things, that “newly discovered data suggests… [Enviva] makes its lumber sourcing blatantly green,” and labeled Enviva’s claims of being a “pure ESG company with a healthy, self-funded dividend and cash flows to provide a platform for future growth” as “nonsense in every sense.” The Orca report claimed that “Enviva is a dangerously leveraged serial fundraiser whose deteriorating cash conversion and unprofitability will drain it of cash over the next year” and “is a product of deranged European climate subsidies that incentivize the destruction of American forests so European energy companies can do so.” Tick ​​a bureaucratic box.” Enviva’s share price fell more than 13% on the news, hurting investors.

Investors who have purchased or otherwise acquired Enviva stock should contact the company before January 3, 2023 Lead Plaintiff’s Application Deadline. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. If you want to discuss your rights or…