Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Renewable Energy Group, Inc.
NEW YORK, March 3, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have purchased or acquired the securities of Renewable Energy Group, Inc. (“Renewable Energy” or the “Company”) (NASDAQ: REGI) from May 3, 2018 to February 25, 2021 (the “Class Period”). The lawsuit filed in the U.S. District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you You have purchased renewable energy securities and / or want to discuss your legal rights and options Please visit the Renewable Energy Shareholder Class Action or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the class period, Defendants made materially false and / or misleading statements and failed to disclose to investors: added 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.
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.
If you want to serve as the lead plaintiff, you must transfer the court no later than May 3, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you You have purchased renewable energy securities and / or want to discuss your legal rights and options Please visit https://www.bernlieb.com/cases/renewableenergygroupinc-regi-shareholder-class-action-lawsuit-stock-fraud-371/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to monitor their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP