Notice of Lead Plaintiff Deadline for Shareholders in the Renewable Energy Group, Inc. Class Action Lawsuit
SAN DIEGO–(BUSINESS WIRE) – Robbins Geller Rudman & Dowd LLP announces that it has filed a class action lawsuit on behalf of buyers of Renewable Energy Group, Inc. (NASDAQ: REGI) securities in the southern borough of New York between May 3, 2018 and February 25 became, 2021 inclusive (the “Class Period”). The case is headed Ramsey v Renewable Energy Group, Inc., No. 1: 21-cv-01832 (SDNY) and is assigned to Judge Denise Cote. The renewable energy class action lawsuit charges renewable energy and some of its executives with violating the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased renewable energy securities during the class period to seek nomination as the lead plaintiff in the renewable energy class action lawsuit. A lead plaintiff is generally the applicant with the greatest financial interest in the relief sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other class members in leading the class action against renewable energy. The lead plaintiff can choose a law firm of their choice to bring the renewable energy class action lawsuit. An investor’s ability to participate in a possible future recovery of the renewable energy class action lawsuit does not depend on whether they are the lead plaintiff. If you’d like to serve as the lead claimant in the renewable energy class action or have any questions about your rights in relation to the renewable energy class action lawsuit, please include your information here or contact attorney Michael Albert von Robbins Geller at 800 / 449-4900 or 619 / 231-1058 or by email to email@example.com. Motions by the lead plaintiffs for the renewable energy class action lawsuit must be filed with the court by May 3, 2021 at the latest.
Renewable energies provide clean, low-carbon fuels for transportation. Renewable energies are North America’s largest producer of advanced biofuels. Biodiesel Tax Credit (“BTC”) is a federal biodiesel blend excise tax credit that gives the first person to mix pure biomass-based diesel with petroleum-based diesel a refundable tax credit of $ 1.00 per gallon.
The Renewable Energy Class Action alleges that throughout the class period, Defendants made false and / or misleading statements and / or failed to disclose that: (i) Due to flaws in the diesel additive system, petroleum diesel was not regularly added to certain loads of Renewable Energy and was added by Renewable Energy customers instead; (ii) As a result, Renewable Energy was not the correct applicant for certain BTC payments for biodiesel sold between January 1, 2017 and September 30, 2020. (iii) As a result, Renewable Energy’s revenue and net income have been overstated for certain periods of time. (iv) Renewable Energy’s internal control over financial reporting related to the purchase and use of gallons of diesel fuel when blended with biodiesel was significantly weakened; and (v) as such, Defendants’ positive statements about the business, business and prospects of Renewable Energy were materially misleading and / or unfounded.
On February 25, 2021, Renewable Energy announced that its cumulative revenue of $ 38.2 million from January 2018 to September 30, 2020 would be adjusted because Renewable Energy was not the “correct applicant for certain BTC payments for biodiesel, which were sold between January 1, 2017 and September 30, 2020. ”Renewable Energy also announced that it had reached an agreement with the Internal Revenue Service on a valuation of $ 40.5 million without interest to support these claims correct. In the news, Renewable Energy’s share price fell nearly 10% in two consecutive trading sessions, hurting investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms serving investors in class action lawsuits. With 200 attorneys in 9 law firms, Robbins Geller has filed many of the largest securities lawsuits in history. For seven consecutive years, ISS Securities Class Action Services has ranked the firm as one of the world’s leading law firms in its annual SCAS Top 50 report, both for amount recovered on behalf of shareholders and total number of class action lawsuits. Robbins Geller’s lawyers helped shape securities laws and reclaimed tens of billions of dollars on behalf of injured victims. In addition to securing financial repayments for duped investors, Robbins Geller is focused on implementing corporate governance reforms that will help improve financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by the courts, professional associations and the media as the leading attorneys in the industry. Please visit http://www.rgrdlaw.com for more information.