NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Renewable Energy Group, Inc. (“Renewable Energy”) (NASDAQ: REGI) breached their fiduciary duties to Renewable Energy and its shareholders. If you are a Renewable Energy shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or email@example.com.
Scott+Scott is investigating whether members of the Renewable Energy Board of Directors (the “Board”) made, or caused Renewable Energy to make, false and/or misleading statements, as well as failed to disclose material adverse facts, about Renewable Energy’s business, operations, prospects, and financial health. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether: (1) due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by Renewable Energy and was instead added by Renewable Energy’s customers; (2) as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020; (3) as a result, Renewable Energy’s revenue and net income were overstated for certain periods; (4) there was a material weakness in Renewable Energy’s internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; and (5) as a result, statements about Renewable Energy’s business, operations, and prospects lacked a reasonable basis.
On February 25, 2021, after the market closed, Renewable Energy issued a press release announcing its fourth quarter and full year 2020 financial results. Therein, Renewable Energy 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 biodiesel mixture excise tax credits (‘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.
On this news, Renewable Energy’s share price declined by $8.17 per share, or approximately 9.5%, to close at $77.77 per share on February 26, 2021, on unusually heavy trading volume.
What You Can Do
If you are a Renewable Energy shareholder, you may have legal claims against Renewable Energy’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.