The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sunnova Energy International Inc. (NOVA)

Published 8 months ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming April 16, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Sunnova Energy International Inc. (“Sunnova” or the “Company”) (NYSE: NOVA) securities between February 25, 2020 and December 7, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On November 22, 2023, the Washington Free Beacon reported that several consumer complaints had been brought against Sunnova regarding issues ranging from maintenance delays to “scamming” and using predatory sales tactics against elderly homeowners.

Then, on December 8, 2023, members of the U.S. House Committee on Energy and Commerce and the U.S. Senate Committee on Energy and Natural Resources sent a letter to the U.S. Department of Energy and Sunnova seeking information following the release of “disturbing” reports regarding Sunnova’s allegedly predatory business practices.

On this news, Sunnova’s stock price fell $2.00, or 16.1%, to close at $10.41 per share on December 8, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sunnova routinely engaged in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit; (2) 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 (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Sunnova securities during the Class Period, you may move the Court no later than April 16, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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