Cases & Investigations
Enviva, Inc.

Enviva Inc. (“Enviva” or the “Company”) common stock (NYSE: EVA) is the world’s largest producer of industrial wood pellets and owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year. Enviva’s website represents that Enviva fights climate change, and promotes sustainability and protecting the environment. For example, Enviva says “We only source from landowners who commit to return their land to forest after harvest, and we provide a key market for their low-value wood.” And “It is critical that our wood is sourced responsibly. Enviva’s Track & Trace® program shares our publicly available sourcing data.”
 
The complaint alleges that throughout the Class Period, Defendants misrepresented to investors facts concerning Enviva’s operational improvements and the stability of its dividend.
 
The truth was revealed on May 3, 2023, when, after the market closed, Enviva issued a press release announcing results for the first quarter of 2023 that came in below the Street’s revenue and EPS expectations.  The complaint alleges that in speaking the truth Enviva acknowledged that “specific” previously undisclosed “issues” impacting Enviva’s plans to improve productivity and reduce costs caused Enviva’s operating results to fall behind expectations. As a result, Enviva eliminated its $0.905 per share quarterly dividend to preserve liquidity and dramatically lowered its 2023 net loss and adjusted EBITDA guidance.
 
In response to this news, on May 4, 2023, the price of Enviva’s common stock fell $14.34 per share to $7.01 or a 67.2% drop on exceptionally heavy volume of 15.6 million shares, more than 28 times the average daily trading volume of Enviva’s common stock.
 
 
 
Investors who have lost over $25,000 trading in Enviva’s common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or outreach@wolfpopper.com.
 
Wolf Popper has successfully recovered billions of dollars for defrauded investors.  Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation.  For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
 
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