NEW YORK, April 26, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Renewable Energy Group, Inc. (“Renewable Energy” or the “Company”) (NASDAQ: REGI) and some of its officers. The class action lawsuit filed in The United States District Court for the Central District of Californiaand registered at 21-cv-02244 is on behalf of a class comprised of all persons and entities other than the Defendants who have meanwhile purchased or otherwise acquired renewable energy securities May 3, 2018 and February 25, 2021including (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
Fight for victims of securities fraud for more than 85 years (PRNewsfoto / Pomerantz LLP)
If you are a shareholder who bought renewable energy securities during the class period, you have up May 3, 2021 ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those who inquire by email are asked to provide their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Renewable energies provide clean, low-carbon fuels for transportation. It is North America largest producer of advanced biofuels.
The Biodiesel Tax Credit (“BTC”) is an excise tax credit for federal biodiesel blends that gives the first person to mix pure biomass-based diesel with petroleum-based diesel fuel to receive a tax credit $ 1.00– Per Gallon Refundable Tax Credit. This is an incentive shared in the advanced biofuels production and distribution chain through routine, daily trading and negotiation. The BTC was first implemented on January 1, 2005 but was left to expire and then reinstated, sometimes afterwards. in the February 2018the BTC was reinstated retrospectively for 2017, but not again for 2018 December 2019the BTC was retrospectively reintroduced for 2018 and 2019 and will take effect January 2020 by December 2022.
The story goes on
The complaint alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. Specifically, Defendants have not notified investors: (1) that due to errors in the diesel additive system, petroleum diesel was not regularly added to certain loads of the Company, but was instead added by the Company’s customers; (2) As a result, Renewable Energy was not the right applicant for certain BTC payments for biodiesel between which it was sold 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, 2021After the market closed, Renewable Energy issued a press release announcing its fourth quarter and full year 2020 financial results. In it the company announced that it “$ 38.2 million in accumulated revenue January 2018 by September 30, 2020“Because renewable energies weren’t the right applicant for certain BTC payments for biodiesel they were sold between.” January 1, 2017 and September 30, 2020“Renewable energies also claim to have reached an agreement with the Internal Revenue Service” on a $ 40.5 million Assessment without interest “to correct these claims.
In the news, the company’s share price fell $ 8.17or 9.5% over two consecutive trading sessions to close $ 77.77 per share on February 26, 2021with unusually high trading volumes.
The Pomerantz company with offices in new York, Chicago, The angel, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP