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SAN DIEGO, April 02, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Sunnova Energy International Inc . (NYSE: NYSE:) securities between February 25, 2020 and December 7, 2023. Sunnova provides energy as a service in the U.S. The Company offers electricity, as well as offers operations and maintenance, monitoring, repairs and replacements, equipment upgrades, on-site power optimization, and diagnostics services.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: According to the complaint, in September 2023, Sunnova entered into a $3.0 billion partial loan guarantee agreement with the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) to support solar loans originated by Sunnova under a new solar loan channel named Project Hestia (the LPO Loan). In a press release detailing the LPO Loan, Sunnova stated that Project Hestia was expected to provide disadvantaged homeowners and communities with increased access to clean, flexible power via Sunnova services by indirectly and partially guaranteeing the cash flows associated with consumers’ loans and that Sunnova’s purpose-built technology was designed to improve customer insights regarding their power usage and will facilitate demand response behavior.

On November 22, 2023, the Washington Free Beacon published an article entitled Biden Admin Gave $3 Billion Loan to Solar Company Accused of Scamming Elderly. The article revealed that several consumer complaints had been brought against the Company for issues ranging from maintenance delays to predatory sales tactics used against elderly homeowners.

Then, on December 8, 2023, Representative Cathy McMorris Rodgers, Chair of the U.S. House Committee on Energy and Commerce, and Senator John Barrasso, ranking member of the U.S. Senate Committee on Energy and Natural Resources, sent a letter to the DOE and Sunnova seeking information related to the LPO Loan and Project Hestia following the release of the disturbing reports regarding the Company. Specifically, the letter requested additional information regarding the LPO’s awareness of and treatment of Sunnova’s allegedly predatory business practices. On this news, Sunnova’s stock price fell $2.00 per share, or 16.12%, to close at $10.41 per share on December 8, 2023.

Plaintiff alleges that during the class…

Click Here to Read the Full Original Article at All News…

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