RADNOR, Pa., March 14 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts, on behalf of all purchasers of securities of EnerNOC, Inc. ("EnerNOC" or the "Company") between November 1, 2007 and February 27, 2008, inclusive (the "Class Period") and/or pursuant or traceable to the Company's November 13, 2007 Secondary Public Offering (the "SPO" or the "Offering").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
The Complaint charges EnerNOC and certain of its officers and directors with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. EnerNOC is a leading developer and provider of clean and intelligent energy solutions to utilities and electric power grid operators, as well as commercial, institutional, and industrial customers.
The Complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's financial well-being, business relationships, and prospects. Specifically, defendants failed to disclose or indicate the following: (1) that expenses were rising at a dramatic rate, such that there would be a net loss despite rising revenues; (2) that the Company was facing rising operating costs and was unable to recognize revenue from new projects; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
Prior to and throughout the Class Period, EnerNOC represented that they were experiencing continued growth and rising revenues. However, on February 27, 2008, the Company revealed they had experienced a net loss for the fourth quarter 2007 of $9 million and a net loss for the year of $23.6 million, despite the fact that the Company's revenue had tripled with the increasing of megawatts of capacity and adding more customers.
On this news, shares of the Company's stock fell $9.19 per share, or 36.04 percent, to close on February 27, 2008 at $16.31 per share, on unusually heavy trading volume. This closing price represented a cumulative loss of $26.69, or over 62 percent of the value of the Company's shares at the time of its SPO just months prior. Moreover, the following day, as investors continued to learn of the Company's shocking news, shares of the Company's stock fell $2.55, or 15.63%, to close on February 28, 2008 at $13.76. This closing price represented a cumulative loss of $29.24, or 68 percent of the value of the Company's shares at the time of the SPO just months prior.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com/
If you are a member of the class described above, you may, not later than May 5, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at
