PHILADELPHIA , April 15, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Renewable Energy Group, Inc. ("Renewable Energy" or the "Company") (NASDAQ: REGI) on behalf of investors who purchased shares of the Company’s securities between May 3, 2018 and February 25, 2021, inclusive (the “Class Period”).
Renewable Energy investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at firstname.lastname@example.org or online at https://kaskelalaw.com/case/renewable-energy-group-inc/, for additional information about this action and their legal rights and options.
As detailed in the complaint, on February 25, 2021, Renewable Energy issued a press release announcing its fourth quarter and full year 2020 financial results. Therein, the Company revealed that it would restate “$38.2 million in cumulative revenue from January 2018 through September 30, 2020” because Renewable Energy was not the “proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020.” Renewable Energy further stated that it had reached an agreement with the Internal Revenue Service “on a $40.5 million assessment, excluding interest” to correct these claims.
Following this news, shares of the Company’s stock fell $8.17 per share, or 9.5% in value, to close at $77.77 per share on February 26, 2021, on unusually heavy trading volume.
IMPORTANT DEADLINE: Investors who purchased Renewable Energy’s securities during the Class Period may, no later than May 3, 2021, seek to be appointed as a lead plaintiff representative in the action. Renewable Energy investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC to discuss this opportunity to actively participate in the action.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.