The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Sunnova Energy International Inc. (NOVA) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Sunnova Energy International Inc. (“Sunnova” or the “Company”) (NYSE: NOVA) securities between February 25, 2020 and December 7, 2023, inclusive (the “Class Period”). Sunnova investors have until April 16, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On November 22, 2023, the Washington Free Beacon reported that several consumer complaints had been brought against Sunnova regarding issues ranging from maintenance delays to “scamming” and using predatory sales tactics against elderly homeowners.

Then, on December 8, 2023, members of the U.S. House Committee on Energy and Commerce and the U.S. Senate Committee on Energy and Natural Resources sent a letter to the U.S. Department of Energy and Sunnova seeking information following the release of “disturbing” reports regarding Sunnova’s allegedly predatory business practices.

On this news, Sunnova’s stock price fell $2.00, or 16.1%, to close at $10.41 per share on December 8, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sunnova routinely engaged in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit; (2) 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 (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Sunnova securities during the Class Period, you may move the Court no later than April 16, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Sunnova securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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/20240228416780/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Sunnova Energy International Inc. (NOVA) Investors