REGI CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Renewable Energy Group Inc. (REGI)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz’s law firm announces that it has filed a class action lawsuit in the U.S. District Court for the Southern Borough of New York entitled Ramsey v Renewable Energy Group, Inc., et al. (Case # 1: 21-cv-01832) on behalf of any person or entity who purchased or purchased Renewable Energy Group, Inc. (“Renewable Energy” or the “Company”) (NASDAQ: REGI) securities between May 3 or otherwise acquired. 2018 and 25 February 2021 inclusive (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days after such notification to appoint the court as the lead plaintiff in this lawsuit.
If you are a shareholder who has suffered a loss, click here to participate.
On February 25, 2021, after the market closed, Renewable Energy released a press release announcing its fourth quarter and full year 2020 financial results. In it, the company announced that it would adjust “cumulative revenue of $ 38.2 million from January 2018 to September 30, 2020” because renewable energy was not the “correct applicant for certain BTC payments for biodiesel that were sold between January 1, 2017 and September 30, 2017. ” 2020. ”Renewable Energy said it had reached an agreement with the Internal Revenue Service on a valuation of $ 40.5 million without interest to correct these claims.
In that news, the company’s stock price fell $ 8.17, or 9.5%, in two consecutive trading sessions, closing at $ 77.77 per share on February 26, 2021 in an unusually high trading volume.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. Specifically, Defendants have not notified investors: (1) that, due to failures in the diesel additive system, petroleum diesel was not regularly added to certain loads of the Company, but was instead added by the Company’s customers; (2) 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. (3) that as a result, Renewable Energy’s revenues and net income were overstated for certain periods of time; (4) that the Company’s internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blended with biodiesel showed a material weakness; and (5) that Defendants’ positive statements about the Company’s business, operations and prospects as a result of the foregoing were materially misleading and / or unfounded.
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If you purchased renewable energy securities during the class period, you may move the court no later than 60 days after this notice to request the court to appoint you as the lead plaintiff. You don’t need to take any action at this point to be a member of the class. You can keep an attorney of your choice or take no action and remain an absent member of the class. If you have purchased renewable energy securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, Avenue of the Stars 1999, Suite 1100, Los Angeles, California 90067, 310-914-5007, email firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.