SAN FRANCISCO, Oct. 25, 2022 (GLOBE NEWSWIRE) — Hagens Berman is urging Enviva Inc. Eve Investors who have suffered significant losses Submit your losses now.
Enviva Inc. Eve Detection:
The investigation focuses on Enviva’s claims about its wood sourcing processes.
Notably, Enviva has attracted ESG investors by claiming that it does not cut down forests to produce its wood pellets – the controversial practice of cutting down entire swaths of forest, widely condemned by climate change advocates and shunned by the ESG investing community. In addition, Enviva claims that cutting down forests for wood pellets is sustainable and produces fewer greenhouse gas emissions than coal because it only harvests wood industry waste that would otherwise rot on the forest floor.
Doubts about Enviva’s statements surfaced at an activist investment firm on October 12, 2022 Blue Orca published a scathing report accusing the company of “engaged in textbook greenwashing.” Blue Orca claims that after Enviva’s crops were geolocated, satellite imagery shows hundreds of images of deforested forests, suggesting the practice is widespread and misleading Enviva investors.
Blue Orca further claims that contrary to the company’s public statements that it purchases on average less than 30% of the timber from each harvest, Enviva’s track-and-trace data and interviews with former employees show that the company buys more than 70% of the volume takes over.
Blue Orca concludes, “We think any legitimate ESG investor or allocator should be embarrassed to own this stock.”
This news caused Enviva shares to plummet during intraday trading.
“We are focused on the investors’ losses and whether Enviva has greenwashed,” said Reed Kathrein, the partner at Hagens Berman who is leading the investigation.
If you have invested in Enviva and suffer significant losses or have knowledge that could assist the company’s investigations, Click here…
