NEW YORK, May 23, 2023: Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Enviva Inc. (“Enviva”) common stock (NYSE: EVA).
Enviva owns and operates ten industrial-scale wood pellet production plants in the United States.
On March 1, 2023, Enviva announced its fourth quarter and full year 2022 results and issued its full year 2023 guidance. In 2023, Enviva expected a net loss of $48 million to $18 million, adjusted EBITDA of $305 million to $355 million and $3.62 per share in dividends. On March 27, 2023, Enviva disclosed its Chief Accounting Officer resigned on March 21, 2023. Then on April 3, 2023, three days after Enviva’s first quarter ended, Enviva held an Investor Day presentation and published a slide deck that called Enviva a high growth company that generated a “stable dividend”, had “strong existing liquidity”, “growing liquidity capacity”, and “no additional equity issuance [was] required”. The slide deck reaffirmed the full year 2023 guidance.
After the market closed on May 3, 2023, Enviva announced first quarter results that came in below analyst’s expectations, eliminated its dividend to preserve liquidity, and dramatically lowered its full year 2023 net loss guidance to $186 million to $136 million, and its adjusted EBITDA to $200 million to $250 million. On this news, Enviva’s stock price plummeted $14.34 per share to $7.01, a drop of 67.2% on very heavy volume.
Investors who have lost over $50,000 trading in Enviva’s common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@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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