BOSTON, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Enviva, Inc. (NYSE: EVA) for potential securities law violations. Investors who have lost money in their Enviva, Inc. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/eva.
What is this all about?
On October 12, 2022, Blue Orca Capital issued a short report alleging that purported ESG wood pellet producer, Enviva, Inc. “is flagrantly greenwashing its wood procurement.”
According to the report, Enviva claims to be an ESG Company, when instead it is relying on a carbon accounting loophole that “subsidizes European power companies to replace coal with wood pellets derived from deforestation in the United States.” Using GPS data to geolocate Enviva’s harvests, Blue Orca found satellite imagery of clear-cut forests, a controversial practice involving the removal of full swaths of forest. Clear-cutting is a widely condemned practice by both ESG investors and climate change advocates.
Additional allegations in the short report include the company overstating the sustainability of harvests, decreasing hardwood forest inventory around the Company’s facilities, inflated profit margins from providing equipment to loggers in exchange for reduced prices, and overpayment for related party transactions.
Shares of Enviva, Inc. stock dropped more than 13% in intraday trading on October 12, 2022.
Who is eligible?
Anyone who purchased Enviva, Inc. stock and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
