Renewable Energy Group
Securities Fraud Class Action Against Renewable Energy Group
Freedman Normand Friedland LLP was appointed as lead counsel for the class of investors seeking to recover losses due to violations of the Securities Exchange Act of 1934 by Renewable Energy Group (“REGI”) and certain corporate insiders, In re Renewable Energy Group Securities Litigation, No. 1:21-cv-1832-DLC.
REGI, purportedly the leading U.S. advanced biofuel refinery, claims to excel at producing biodiesel and mixing, tracking, and selling biofuel. The complaint, filed on July 9, 2021, alleges that Defendants made false and misleading statements between March 8, 2018 and February 25, 2021, due to inadequate internal controls. As a result of Defendants’ false and misleading statements, REGI stock traded at artificially inflated prices. But once the truth was revealed, REGI’s stock suffered a precipitous decline in market value, thereby causing significant losses and damages to shareholders.
On January 20, 2022, the Honorable Denise Cote of the U.S. District Court for the Southern District of New York dismissed the case without leave to amend on the sole ground that, Lead Plaintiff failed to adequately allege Defendants’ knowledge of the alleged misconduct.
On February 18, 2022, Mr. Rosa, on behalf of himself and the putative class, appealed Judge Cote’s dismissal of the case to the Second Circuit Court of Appeals, No. 22-335. Lead Plaintiff argues on appeal that the complaint adequately alleges that Defendants acted intentionally or recklessly in disseminating admittedly false information that damaged shareholders.
• Hearing before the Court of Appeals – Oct. 19, 2022
For More Information:
If you purchased REGI stock between March 8, 2018 and February 25, 2021, and would like us to evaluate your claim and/or for more information about the lawsuit, please submit your information.