SAN FRANCISCO, 14/11/2022 (GLOBE NEWSWIRE) — Hagens Berman calls on Enviva Inc. (NYSE: EVA) Investors who have suffered significant losses Submit your losses now.

school lesson: Feb 21, 2019 – Oct 11, 2022
Deadline for lead plaintiff: January 3, 2023
Visit: www.hbsslaw.com/investor-fraud/EVA
Contact a lawyer now: [email protected]
844-916-0895

Class action lawsuit alleging securities fraud brought by Enviva Inc. (NYSE: EVA):

The lawsuit challenges Enviva’s claims regarding its wood sourcing processes and business model.

Notably, Enviva has attracted ESG investors by claiming that it does not cut down forests to produce its wood pellets – the controversial practice of cutting down entire swaths of forest, widely condemned by climate change advocates and shunned by the ESG investing community. In addition, Enviva claims that cutting down forests for wood pellets is sustainable and produces fewer greenhouse gas emissions than coal because it only harvests wood industry waste that would otherwise rot on the forest floor.

According to the complaint, these statements were false and misleading because they failed to disclose: (1) Enviva participated in logging; and (2) Enviva had overstated the true measure of cash flow generated by its platform.

The truth came out at an activist investment firm on October 12, 2022 Blue Orca published a scathing report accusing the company of “engaged in textbook greenwashing.” Blue Orca claims that after Enviva’s crops were geolocated, satellite imagery shows hundreds of images of deforested forests, suggesting the practice is widespread and misleading Enviva investors.

Blue Orca further claims that contrary to the company’s public statements that it purchases on average less than 30% of the timber from each harvest, Enviva’s track-and-trace data and interviews with former employees show that the company buys more than 70% of the volume takes over.

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