The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased enCore Energy Corp. (“enCore” or the “Company”) (NASDAQ: EU) securities between March 28, 2024 and March 2, 2025, inclusive (the “Class Period”). enCore investors have until May 13, 2025 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR ENCORE ENERGY INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On March 3, 2025, enCore announced its fiscal 2024 financial results, revealing a net loss of $61.3 million (more than double its net loss of $25.6 million in the prior fiscal year). The Company explained “the inability to capitalize certain exploratory and development costs under U.S. GAAP which would have been capitalized under IFRS [International Financial Reporting Standards]” impacted the Company’s results. Further, the Company revealed that it had “identified in 2024” a “material weakness” in the Company’s internal controls over financial reporting, “primarily due to an ineffective control environment that resulted in ineffective risk assessment, information and communications and monitoring activities.”
Also on March 2, 2025, the Company also revealed that it had appointed a new acting Chief Executive Officer “effective immediately” and that Paul Goranson “is no longer serving as enCore’s Chief Executive Officer or as a member of the board of directors.”
On this news, enCore’s stock price fell $1.17, or 46.4%, to close at $1.35 per share on March 3, 2025, on unusually heavy trading volume.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that enCore lacked effective internal controls over financial reporting; (2) that enCore could not capitalize certain exploratory and development costs under GAAP; (3) that, as a result, its net losses had substantially increased; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Contact Us To Participate or Learn More:
If you purchased enCore securities, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250317362641/en/
Law Offices of Frank R. Cruz Encourages enCore Energy Corp. (EU) Investors To Inquire About Securities Fraud Class Action
Contacts
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
