<img width="198" height="36" src="https://icrowdnewswire.com/wp-content/uploads/2021/05/4000-Pomerantz_Logo-1-17.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" /><p> Pomerantz LLP announces that a class action lawsuit has been filed against Renewable Energy Group, Inc. and certain of its officers. The class action, filed in <span class="xn-location">the United States</span> District Court for the Central District of <span class="xn-location">California</span>, and docketed under 21-cv-02244, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Renewable Energy securities between <span class="xn-chron">May 3, 2018</span> and <span class="xn-chron">February 25, 2021</span>, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).</p>
<p>If you are a shareholder who purchased Renewable Energy securities during the Class Period, you have until <span class="xn-chron">May 3, 2021</span> to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact <span class="xn-person">Robert S. Willoughby</span> at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.</p>
<p>Renewable Energy provides clean, low carbon transportation fuels. It is <span class="xn-location">North America’s</span> largest producer of advanced biofuels.</p>
<p>The biodiesel tax credit (“BTC”) is a federal biodiesel mixture excise tax credit whereby the first person to blend pure biomass-based diesel with petroleum-based diesel fuel receives a <span class="xn-money">$1.00</span>-per-gallon refundable tax credit. It is an incentive shared across the advanced biofuel production and distribution chain through routine, daily trading and negotiation. The BTC was first implemented on <span class="xn-chron">January 1, 2005</span> but has been allowed to lapse and then been reinstated, sometimes retrospectively. In <span class="xn-chron">February 2018</span>, the BTC was retroactively reinstated for 2017, but was not reinstated for 2018. In <span class="xn-chron">December 2019</span>, the BTC was retroactively reinstated for 2018 and 2019 and made effective from <span class="xn-chron">January 2020</span> through <span class="xn-chron">December 2022</span>.</p>
<p>The complaint 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 due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by the Company and was instead added by the Company’s customers; (2) that, as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between <span class="xn-chron">January 1, 2017</span> and <span class="xn-chron">September 30, 2020</span>; (3) that, as a result, Renewable Energy’s revenue and net income were overstated for certain periods; (4) that there was a material weakness in the Company’s internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; and (5) 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.</p>
<p>On <span class="xn-chron">February 25, 2021</span>, after the market closed, Renewable Energy issued a press release announcing its fourth quarter and full year 2020 financial results. Therein, the Company revealed that it would restate “<span class="xn-money">$38.2 million</span> in cumulative revenue from <span class="xn-chron">January 2018</span> through <span class="xn-chron">September 30, 2020</span>” because Renewable Energy was not the “proper claimant for certain BTC payments on biodiesel it sold between <span class="xn-chron">January 1, 2017</span> and <span class="xn-chron">September 30, 2020</span>.” Renewable Energy further stated that it had reached an agreement with the Internal Revenue Service “on a <span class="xn-money">$40.5 million</span> assessment, excluding interest” to correct these claims.</p>
<p>On this news, the Company’s share price fell <span class="xn-money">$8.17</span>, or 9.5%, over two consecutive trading sessions to close at <span class="xn-money">$77.77</span> per share on <span class="xn-chron">February 26, 2021</span>, on unusually heavy trading volume.</p>
<p>The Pomerantz Firm, with offices in <span class="xn-location">New York</span>, <span class="xn-location">Chicago</span>, <span class="xn-location">Los Angeles</span>, and <span class="xn-location">Paris</span> is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late <span class="xn-person">Abraham L. Pomerantz</span>, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com </p>
<p><strong>CONTACT:</strong><br class="dnr" /><span class="xn-person">Robert S. Willoughby</span><br class="dnr" />Pomerantz LLP<br class="dnr" />rswilloughby@pomlaw.com<br class="dnr" />888-476-6529 ext. 7980</p>
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<div><strong>See Campaign: </strong><a href="http:// www.pomerantzlaw.com " target="_blank">http:// www.pomerantzlaw.com </a><br/><b>Contact Information:</b><br/>Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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Contact Information:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
Source: Icrowdnewswire
