BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Enservco Corporation (“Enservco” or the “Company”) (NYSE: ENSV) investors concerning the Company’s possible violations of federal securities laws.
On March 28, 2022, Enservco disclosed that it had “concluded that the Company’s previously issued condensed consolidated financial statements as of and for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 should no longer be relied upon largely because of the Company’s accounting for a conversion of debt to equity with a related party.”
On this news, Enservco’s stock fell $0.45, or 12.3%, to close at $3.21 per share on March 28, 2022, thereby injuring investors.
Then, on March 31, 2022, the Company disclosed that it could not timely file its 2021 annual financial report because it was “in the process of restating [its] financial statements.”
On this news, Enservco’s stock fell $0.21, or 7.8%, to close at $2.49 per share on April 1, 2022, thereby injuring investors further.
Then, on April 4, 2022, Enservco announced that its Chief Financial Officer would be departing and would no longer be an executive officer or employee.
On this news, Enservco’s stock fell $0.19, or 7.5%, to close at $2.35 per share on April 5, 2022.
Then, on April 18, 2022, the Company disclosed that it would not “be filing its Form 10-K for the fiscal year ended December 31, 2021 within the 15 day extension period provided by the Company’s 12b-25 filing” because it “intends to [again] amend its Quarterly Reports on Form 10-Q for the Relevant Periods to reflect restatements of its condensed consolidated financial statements for the Relevant Periods.”
On this news, Enservco’s stock fell $0.38, or 10.5%, to close at $3.25 per share on April 19, 2022, thereby injuring investors further.
If you purchased Enservco securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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