NEW YORK, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own securities of Sunnova Energy International Inc. (NYSE: NOVA)?
- Did you purchase your securities between February 25, 2020 and December 7, 2023, inclusive?
- Did you lose money in your investment in Sunnova Energy International Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Sunnova Energy International Inc. (“Sunnova or the “Company”) (NYSE: NOVA) between February 25, 2020 and December 7, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of Texas and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Sunnova securities, and/or would like to discuss your legal rights and options please visit Sunnova Energy International Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Sunnova provides energy as a service in the U.S. The Company offers electricity, operations and maintenance, monitoring, repairs and replacements, equipment upgrades, on-site power optimization, and diagnostics services. As of October 2023, the Company operated a fleet of residential solar energy systems purportedly serving over 386,000 customers.
In September 2023, Sunnova entered into a $3.0 billion partial loan guarantee agreement with the U.S. Department of Energy’s (“DOE”) Loan Programs Office (“LPO”) to support solar loans originated by Sunnova under a new solar loan channel named Project Hestia (the “LPO Loan”). In a press release detailing the LPO Loan, Sunnova stated that Project Hestia was expected to “provide disadvantaged homeowners and communities with increased access to clean, flexible power via Sunnova services by indirectly and partially guaranteeing the cash flows associated with consumers’ loans” and that Sunnova’s “purpose-built technology” was “designed to improve customer insights regarding their power usage and will facilitate demand response behavior.”
Throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sunnova routinely engaged in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit; and (ii) the foregoing conduct subjected the Company to a heightened risk of regulatory and/or governmental scrutiny, as well as significant reputational and/or financial harm.
On December 8, 2023, Representative Cathy McMorris Rodgers, Chair of the U.S. House Committee on Energy and Commerce, and Senator John Barrasso, ranking member of the U.S. Senate Committee on Energy and Natural Resources, sent a letter to the DOE and Sunnova seeking information related to the LPO Loan and Project Hestia following the release of the “disturbing” reports regarding the Company.
On this news, Sunnova’s stock price fell $2.00 per share, or 16.12%, to close at $10.41 per share on December 8, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than April 16, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Sunnova securities, and/or would like to discuss your legal rights and options please visit Sunnova Energy International Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
