NEW YORK, NY / ACCESSWIRE / October 18, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Enviva Inc. ("Enviva" or the "Company") (NYSE:EVA).
If you suffered losses exceeding $50,000 investing in Enviva stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/EVA.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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 8% in intraday trading on October 12, 2022.
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SOURCE: Faruqi & Faruqi, LLP