NEW YORK, June 25, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Renewable Energy Group, Inc. ("Renewable Energy" or the "Company") (NASDAQ: REGI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Renewable Energy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 23, 2020, Renewable Energy issued a press release "announc[ing] that the Company's second quarter 2020 Adjusted EBITDA is expected to be between negative $12 million and negative $2 million," down sharply from the range of $20 million to $35 million that the Company had previously announced on April 30, 2020. Explaining its significantly revised outlook, Renewable Energy advised investors that "[t]he guidance model used in connection with the previous estimate contained inadvertent calculation errors, which on their own would have resulted in a significant reduction in the Company's previous Adjusted EBITDA estimate."
On this news, Renewable Energy's stock price fell $5.85 per share, or 20.47%, to close at $22.73 per share on June 24, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP