Sunnova (NOVA) Shares Crash on Congressional Probe of “Troubling Sales Practices” – Hagens Berman

SAN FRANCISCO, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Sunnova Energy International Inc. (NYSE: NOVA) investors who suffered substantial losses to submit your losses now.

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Sunnova Energy International Inc. (NOVA) Investigation:

“We are investigating whether Sunnova may have misled investors about its sales practices,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

Sunnova’s stock price has been buoyed by the Department of Energy’s (DOE) Loan Programs Office (LPO) recently awarding the residential solar company a $3 billion partial loan guarantee.

But that loan guarantee and associated benefits to Sunnova were all placed at risk of not coming to fruition on Dec. 7, 2023, after the Chair of the US House Energy and Commerce Committee and the Ranking Member of the US Senate Energy and Resources Committee sent a letter to the LPO Director (Jigar Shah) regarding “disturbing reports” about Sunnova and demanding additional information and documents by no later than Dec. 21, 2023.

The Chair and Ranking Member wrote that they were alarmed about: (1) “recent, credible reports that Sunnova has racked up numerous consumer complaints, including those alleging troubling sales practices, such as Sunnova pressing elderly homeowners in poor health to sign long-term contracts costing tens of thousands of dollars[;]” (2) “predatory sales strategies[;]” and (3) “[a]dditional reports suggest these troubling reports are not isolated incidents”.

This news sent the price of Sunnova shares down $2, or about 16%, on Dec. 8, 2023.

If you invested in Sunnova and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Sunnova investigation, read more »

Whistleblowers: Persons with non-public information regarding Sunnova should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

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Contact:
Reed Kathrein, 844-916-0895