EnerNOC (ENOC) Stock Fraud
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In conjunction with our partner lawyers, we are currently investigating claims for EnerNOC, Inc. shareholders who purchased shares of EnerNOC, Inc. and lost money on their investment as a result of the Company's recent announcements.
Our Experienced Stock Fraud Lawyers and Attorneys Have Years of Experience Representing Shareholders in Numerous Stock Fraud Cases.
Our investigation revolves around whether EnerNOC, Inc. certain of its officers and directors, and the Company's underwriters included, or allowed the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the Company's IPO, in violation of the Securities Act of 1933. Recent corrective disclosures have caused the price of shares of EnerNOC precipitously.
In February 2008, shares of EnerNOC Inc. fell 15.3 percent in after the company reported a larger fourth-quarter loss than some Wall Street analysts had expected. Boston-based EnerNOC, which uses technology to help power-grids manage their electricity supply during peak demand periods, said it lost $9 million, or 48 cents a share, for the fourth quarter in 2007. EnerNOC said that ballooning operational and compensation expenses were responsible for the loss. When EnerNOC stock dropped after the announcement, approximately $100 million in shareholder value was wiped out.
On November 1, 2007, the Company's Chairman and Chief Executive Officer, Timothy Healey did not adequately reveal these expense trends. Then, on November 19, 2007, the Company and certain insiders sold 2.5 million EnerNOC shares at $43.00 per share in a secondary offering.
Since the EnerNOC IPO, shares have dropped over 56 percent in value. When EnerNOC announced its loss in February 2008, Healey warned that company would continue to post losses in 2008 and he declined to forecast when EnerNOC would become profitable.
If you are an EnerNOC shareholder who purchased or acquired shares between November 19, 2007 and February 28, 2008, you have valuable legal rights. Please contact one of the EnerNOC stock fraud lawyers at our firm by filling out our online form or calling 1-800-LAW INFO (1-800-529-4636).