SAN FRANCISCO, CA / ACCESSWIRE / October 19, 2022 / Hagens Berman urges Enviva Inc. (NYSE:EVA) investors who suffered significant losses to submit your losses now.
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Enviva Inc. (NYSE:EVA) Investigation:
The investigation focuses on Enviva's statements regarding its wood procurement processes.
Specifically, Enviva has attracted ESG investors by claiming that it does not engage in clear-cutting forests to produce its wood pellets - the controversial practice of removing full swaths of forest which is widely condemned by climate change advocates and shunned by the ESG investor community. In addition, Enviva claims that its harvesting forests for wood pellets is sustainable and produces lower greenhouse gas emissions than coal because it is only harvesting waste left by the timber industry, scraps that otherwise would be left to rot on the forest floor.
Doubts about Enviva's statements emerged on Oct. 12, 2022, when activist investment firm Blue Orca released a scathing report accusing the company of "engaging in textbook greenwashing." Blue Orca claims that after geolocating Enviva's harvests, satellite imagery reveals hundreds of images of clear-cut forests, suggesting that the practice is widespread and that Enviva is misleading investors.
Blue Orca further contends that contrary to the company's public statements of purchasing on average less than 30% of the wood from each harvest, Enviva's track and trace data and interviews with former employees demonstrate that the company takes upwards of 70% of the volume.
Blue Orca concludes, "we think that any legitimate ESG investor or allocator should be embarrassed to own this stock."
This news sent the price of Enviva shares plummeting during intraday trading.
"We're focused on investors' losses and whether Enviva has engaged in greenwashing," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Enviva and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Enviva should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP