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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Sunnova Energy International Inc. (“Sunnova” or the “Company”) NOVA securities during the period of February 25, 2020 to December 7, 2023, inclusive (“the Class Period”). Investors have until April 16, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
In September 2023, Sunnova entered into a $3.0 billion partial loan guarantee agreement with the U.S. Department of Energy’s 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.”
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 Department of Energy 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, the price of Sunnova shares declined by $2.00 per share, or approximately 16.12%, from $12.41 per share on December 7, 2024 to close at $10.41 on December 8, 2028.
The lawsuit alleges that Sunnova made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Company 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; (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.
If you purchased or otherwise acquired Sunnova securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220357918/en/
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