NEW YORK, Nov. 11, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Freshworks Inc. FRSH, and Enviva, Inc. EVA. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Freshworks Inc. FRSH
Class Period: September 21, 2021 – November 1, 2022
Lead Plaintiff Deadline: January 3, 2023
In September 2021, Freshworks completed its initial public offering (“IPO”), selling 28.5 million shares of common stock at $36 per share.
On February 10, 2022, Freshworks announced disappointing fourth quarter 2021 financial results, reporting flat calculated billings growth and revenue growth deceleration (of only 44% year-over-year).
On this news, the Company’s stock fell $4.05, or 18%, to close at $18.41 per share on February 11, 2022, thereby injuring investors.
Then, on May 3, 2022, after market hours, Freshworks reported its first quarter 2022 financial results, disclosing a third quarter of decelerating revenue growth and billings that missed consensus estimates and declined 13% quarter over quarter.
On this news, the Company’s stock fell $0.97, or 5.7%, over two consecutive trading days, to close at $15.99 per share on May 5, 2022, thereby injuring investors further.
For more information on the Freshworks class action go to: https://bespc.com/cases/FRSH
Enviva, Inc. EVA
Class Period: February 21, 2019 – October 11, 2022
Lead Plaintiff Deadline: January 3, 2023
Enviva, formerly known as Enviva Partners, LP, develops, constructs, acquires, and owns and operates, fully contracted wood pellet production plants. The Company’s products are used as a substitute for coal in power generation, and combined heat and power plants. Significantly, Enviva touts itself as a “growth-oriented” environmental, social, and governance (“ESG”) company with a “platform to generate stable and growing cash flows.”
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Enviva had misrepresented the environmental sustainability of its wood pellet production and procurement; (ii) Enviva had similarly overstated the true measure of cash flow generated by the Company’s platform; (iii) accordingly, Enviva had misrepresented its business model and the Company’s ability to achieve the level of growth that Defendants had represented to investors; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On October 12, 2022, during pre-market hours, Blue Orca Capital (“Blue Orca”) published a report on Enviva (the “Blue Orca Report”). Among other allegations, the Blue Orca Report stated that “new discovered data suggests . . . the company is flagrantly greenwashing its wood procurement” and characterized Enviva’s claim to be a “pure play ESG Company with a healthy, self-funded dividend and cash flows to provide a platform for future growth” as “nonsense on all counts.” Moreover, the Blue Orca Report alleged that “Enviva is a dangerously levered serial capital raiser whose deteriorating cash conversion and unprofitability will drain it of cash next year” and is “a product of deranged European climate subsidies which incentivize the destruction of American forests so that European power companies can check a bureaucratic box.”
On this news, Enviva’s stock price fell $7.74 per share, or 13.13%, to close at $51.23 per share on October 12, 2022.
For more information on the Enviva class action go to: https://bespc.com/cases/EVA
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.