Enviva, Inc.

Ticker: EVA

Class Period Start: 11/03/2022

Class Period End: 05/03/2023

Registration Deadline: 11/13/2023

A securities class action has been filed in the USDC – MD. against Enviva, Inc. (EVA) (“Enviva” or the “Company”) on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Enviva securities between November 3, 2022 through May 3, 2023, both dates inclusive (the “Class Period”).


Enviva is a Maryland-based company that develops, constructs, acquires, and operates fully contracted wood pellet production plants. These plants take wood fiber and aggregate and process it into dry, densified, uniform pellets that can be effectively stored and transported around the world. The Company, describing itself as a “growth-oriented company,” purports to use its wood pellets to displace coal and other fossil fuels to generate power and heat as part of its efforts to accelerate the energy transition away from conventional energy sources.


The Complaint alleges that the Defendants made statements that were materially false and misleading, or failed to disclose material information necessary to make such statements not misleading. Specifically, from November 3, 2022 through April 3, 2023 (only one month before announcing the first quarter 2023 results), Enviva and its senior officers, made statements that Enviva was on track to achieve, for fiscal year (FY) 2023, EBITDA of $305-$335 million and a yearly dividend payout of $3.62 per share. They also represented that the liquidity of the company, going into 2023, was “strong” and its leverage ratio could be maintained at a “conservative” 3.6x-3.7x even after taking into account the proposed dividend payouts. Defendants’ false statements were premised on misrepresentations of existing fact. Upon resetting expectations, these revisions were blamed on:

      1. customer mix impacting results;
      2. unplanned repairs and maintenance expenses;
      3. professional fees; and
      4. shipments subject to deferred gross margin accounting.


The revelation of the true financial condition of the Company led Enviva’s common stock price to collapse $14.34 per share from $21.35 per share to $7.01 per share or down 67.2% on enormous volume, causing harm to investors.


If you purchased Enviva securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.


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