If you suffered losses exceeding $100,000 investing in Sunnova stock or options between February 25, 2020 and December 7, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/NOVA.
There is no cost or obligation to you.
NEW YORK, Feb. 22, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Sunnova Energy International Inc. (“Sunnova” or the “Company”) (NYSE: NOVA) and reminds investors of the April 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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; (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; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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.”
On November 22, 2023, the Washington Free Beacon published an article entitled “Biden Admin Gave $3 Billion Loan to Solar Company Accused of Scamming Elderly.” The article revealed that several consumer complaints had been brought against the Company for issues ranging from maintenance delays to predatory sales tactics used against elderly homeowners.
Then, 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. Specifically, the letter requested additional information regarding the LPO’s awareness of and treatment of Sunnova’s allegedly predatory business practices.
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sunnova’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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