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NOVA.US
id: 1108

Sunnova Energy International (NOVA) Predatory Practices Case

S.D. Texas
Court
4:24-cv-00569
Case number
25 Feb 2020
Class period Start
07 Dec 2023
Class period End
16 Apr 2024
Lead Plaintiff motion deadline
  • $NOVA stockholder filed a claim vs. Sunnova for hiding predatory business practices against disadvantaged homeowners.
  • In December, news about the regulatory requests caused $NOVA to fall 16%, losing over $244M in shareholder value.
On December 8, 2023, Representative Cathy McMorris Rodgers, Chair of the U.S. House Committee on Energy and Commerce, and Senator John Barrasso, ranking member of the U.S. Senate Committee on Energy and Natural Resources, sent a letter to the DOE and Sunnova seeking information related to the LPO Loan and Project Hestia following the release of the "disturbing" reports regarding the Company. Specifically, the letter requested additional information regarding the LPO's awareness of and treatment of Sunnova's allegedly predatory business practices.

On this news, $NOVA fell 16.12% and lost over $244 million of its market capitalization, damaging shareholders.
  • On November 22, 2023, the Washington Free Beacon published an article entitled "Biden Admin Gave $3 Billion Loan to Solar Company Accused of Scamming Elderly." The article revealed that several consumer complaints were brought against the Company for issues ranging from maintenance delays to predatory sales tactics used against elderly homeowners.
  • In September 2023, Sunnova entered into a $3.0 billion partial loan guarantee agreement with the DOE Loan Programs Office to support solar loans originated by Sunnova under a new solar loan channel named Project Hestia. In a press release, Sunnova stated that Project Hestia was expected to "provide disadvantaged homeowners and communities with increased access to clean, flexible power via Sunnova services by indirectly and partially guaranteeing the cash flows associated with consumers' loans" and that Sunnova's "purpose-built technology" was "designed to improve customer insights regarding their power usage and will facilitate demand response behavior."
Considering all the facts and consumer claims, investors have reasons to suspect Sunnova of engaging in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit.

The first affected investor already filed an initial claim vs. Sunnova in S.D. Texas court.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 December 2023
Filing date
16 February 2024
Lead Plaintiff Deadline
16 April 2024
Collecting participants…

Sunnova Energy International Inc

Sunnova Energy International Inc. provides energy as a service in the United States. The company offers electricity, as well as offers operations and maintenance, monitoring, repairs and replacemen...

    Ticker
    NOVA.US
    ISIN
    US86745K1043
    CIK
    1086939
    Sector
    Technology
    Industry
    Solar
    Country
    USA
    Address
    20 East Greenway Plaza, Houston, TX, United States, 77046