NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Enviva, Inc. (NYSE: EVA), Tattooed Chef, Inc. (NASDAQ: TTCF), Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI), and Flagstar Bancorp, Inc. (NYSE: FBC). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Enviva, Inc. (NYSE: EVA)
Enviva is the subject of a report released by Blue Orca Capital on October 12, 2022. The report alleges that the Company falls far short of its ESG ideals by relying on carbon loopholes that “subsidizes European power companies to replace coal with wood pellets derived from deforestation in the United States.” Blue Orca alleges that the Company produces its wood pellets from clear-cut forests, a practice condemned by climate activists and ESG investors. The report adds that the Company overstated the sustainability of its hardwood harvests and artificially inflated its profit margin.
Based on the report, Enviva stock fell by $2.59 per share, or 4.7%, to close at $52.05 per share on October 13, 2022.
For more information on the Enviva investigation go to: https://bespc.com/cases/EVA
Tattooed Chef, Inc. (NASDAQ: TTCF)
On October 12, 2022, after market hours, Tattooed Chef announced that it would restate its quarterly and annual financial statements for 2021, and for its first and second quarterly financial periods of 2022. Tattooed Chef stated these financial statements should no longer be relied upon.
Tattooed Chef stated the restatements are because its was notified earlier this month by its former independent registered public accounting firm, BDO USA LLP, that “the company incorrectly recorded expenses related to a multi-vendor mailer program with a large customer as operating expenses rather than reduction of revenue, and expenses for advertising placement by a marketing services firm on a straight-line basis over the life of the contract rather than when the services were actually rendered.”
On this news, Tattooed Chef share prices dropped by $0.44, or approximately 9.8%, to open on October 13, 2022 at $4.05 per share.
For more information on the Tattooed Chef investigation go to: https://bespc.com/cases/TTCF
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI)
On October 5, 2022, Carson Block, principal of Muddy Waters, asserted in the Financial Times that Hannon’s accounting is “so complex and misleading that its financial statements are effectively meaningless” and that the Company is “a prime example of how public market incentives can warp a company into relentlessly destroying value to feed a Wall Street growth narrative.”
On this news, Hannon’s stock price fell $2.35 per share, or 7.43%, to close at $29.28 per share on October 5, 2022.
For more information on the Hannon investigation go to: https://bespc.com/cases/HASI
Flagstar Bancorp, Inc. (NYSE: FBC)
On or around October 6, 2022, media outlets reported that the Department of Justice may be considering a lawsuit against Flagstar over allegations of racial discrimination.
On this news, Flagstar’s stock price fell $1.78 per share, or 5.02%, to close at $33.70 per share on October 6, 2022.
For more information on the Flagstar investigation go to: https://bespc.com/cases/FBC
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.