HARTFORD, Conn., March 7, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all persons who purchased or otherwise acquired the securities of EnerNOC, Inc. ("EnerNOC" or the "Company") (Nasdaq:ENOC) between November 1, 2007 and February 27, 2008, inclusive (the "Class Period"). Also included are those who purchased in the Secondary Offering, which closed on or about November 19, 2007.
The Complaint charges that EnerNOC and certain of its officers, directors and underwriters violated federal securities laws. Specifically, Defendants issued a materially false and misleading prospectus in connection with EnerNOC's Secondary Offering in which 2.5 million shares were sold for proceeds of over $100 million. The Complaint alleges that Defendants presented EnerNOC as a company that was growing rapidly and one which was able to provide services and book revenues on an almost immediate basis. At the end of the Class Period, however, EnerNOC revealed, among other things, that: (i) ballooning operational and compensation expenses were outpacing revenue growth, resulting in losses greater than the market expected; and (ii) that an increasing number of EnerNOC's forward capacity contracts involve substantial upfront costs but a prolonged "lag" in the ability to recognize revenue. On this news, EnerNOC's shares dropped almost 30 percent from the previous day's close of $25.11 to close at $16.21 on February 21, 2008.
If you are a member of the class, you may, no later than May 5, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the Defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.