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

CLASS PERIOD
02/25/2020 - 12/07/2023

LEAD PLAINTIFF DEADLINE
04/16/2024

RELATED DOCUMENTS
Complaint 02/16/24

STOCK SYMBOL
NYSE: NOVA

CONTACT
844-916-0895
NOVA@hbsslaw.com

The litigation focuses on Sunnova’s disclosures about its business practices and the recent award by the Department of Energy (DOE) Loan Programs Office (LPO) of a $3 billion partial loan guarantee pursuant to a new solar loan channel named Project Hestia.

The complaint alleges that Sunnova made misleading statements and failed to disclose that: (1) it routinely engaged in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit; and (2) the foregoing conduct subjected it to a heightened risk of regulatory and government scrutiny, as well as significant reputational and/or financial harm.

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.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the NOVA securities class-action case about?

The litigation focuses on Sunnova’s disclosures about its business practices and the recent award by the Department of Energy (DOE) Loan Programs Office (LPO) of a $3 billion partial loan guarantee pursuant to a new solar loan channel named Project Hestia.

WHAT SHOULD I DO?

I worked at NOVA. What should I do?

If you were an employee of NOVA during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower 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, contact Reed Kathrein at 844-916-0895 or NOVA@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in NOVA during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any NOVA investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.

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