Enviva Inc. Faces Investor Lawsuit After Lowering Financial Projections

Enviva Inc., a leading producer of wood pellets, is facing a securities class action lawsuit after it recently revised its financial projections for 2023. The company lowered its projected EBITDA from a range of $305-$335 million to $200-$250 million and increased its projected net loss from a range of $18-$48 million to $136-$186 million. Additionally, Enviva eliminated its quarterly dividend, which had been highlighted as stable and secure during an Investor Day presentation just a month prior.

These revelations caused a significant impact on Enviva’s stock price, which fell by 67% or $14.34 per share, closing at $7.01 per share on May 4, 2023. The securities class action lawsuit has been filed on behalf of purchasers of Enviva shares between November 3, 2022, and May 3, 2023, alleging that the company and four of its officers made materially false and/or misleading statements and failed to disclose adverse facts about the company’s financial condition and prospects.

Investors who purchased or acquired Enviva shares during the class period and suffered losses on their investment are encouraged to explore their rights, including potentially participating in the class action lawsuit. They can contact Mark R. Stein or Linda Border at Barrack, Rodos & Bacine via the toll-free number 877-386-3304 or by email at investoralert@barrack.com. The deadline for individuals seeking to serve as a lead plaintiff in this case is November 13, 2023.

Barrack, Rodos & Bacine, a nationally recognized shareholder and consumer rights law firm with offices in Pennsylvania, New York, and California, has extensive experience in prosecuting securities law class actions. The firm has achieved significant recoveries in securities litigation, including notable cases involving accounting fraud and insider trading.

For more information about this matter and Barrack, Rodos & Bacine, individuals can visit the firm’s website and provide their contact information on the dedicated web page. It is important to note that this press release may be considered Attorney Advertising in some jurisdictions under applicable law and ethical rules.

Overall, Enviva Inc.’s recent financial adjustments and the subsequent investor lawsuit highlight the challenges faced by the company. Investors affected by these developments should consult legal professionals to understand their options and potential remedies.