| Company: | EnerNOC, Inc. |
| Ticker Symbol: | NASD: ENOC |
| Class Period: | November 1, 2007 to February 27, 2008 |
| Date Filed: | March-05-08 |
| Lead Plaintiff Deadline: | May-05-08 |
| Court: | District, MA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") of all persons who purchased or acquired securities of EnerNOC, Inc. ("ENOC" or the "Company") (Nasdaq:ENOC) in the open market from November 1, 2007 through February 27, 2008, or in the Offering which closed on or about November 19, 2007 (the "Class Period").
The Complaint alleges that EnerNOC presented itself throughout the Class Period 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: (1) ballooning operational and compensation expenses were outpacing revenue growth, resulting in losses greater than the market expected; and (2) that an increasing number of EnerNOC's forward capacity contracts involve substantial upfront costs, but a prolonged "lag" in the ability to recognize revenue. Upon the announcement of this adverse news, EnerNOC's shares dropped almost 30 percent in heavy trading, wiping out over $100 million in shareholder value.
On November 1, 2007, the Company's Chairman and Chief Executive Officer, Timothy Healey, told analysts that the Company's sales force was driving rapid organic revenue growth, but failed to adequately reveal adverse expense trends, and the fact that an increasing number of "megawatts under management" involve prolonged lags in the Company's ability to recognize revenue. Then, on November 19, 2007, the Company and certain insiders sold 2.5 million EnerNOC shares at $43.00 per share in a secondary offering (the "Offering"). Healey sold over 64,000 of his own shares for proceeds of approximately $2.7 million, and David Brewster, the Company's President sold approximately 140,000 of his own shares for proceeds of $6 million. In all, 2.5 million shares were sold for proceeds of over $100 million, including substantial shares sold by large investors who have representatives on EnerNOC's Board of Directors. The Prospectus for the Secondary Offering failed to reveal the material adverse facts set forth above.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that EnerNOC presented itself throughout the Class Period 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: (1) ballooning operational and compensation expenses were outpacing revenue growth, resulting in losses greater than the market expected; and (2) that an increasing number of EnerNOC's forward capacity contracts involve substantial upfront costs, but a prolonged "lag" in the ability to recognize revenue. Upon the announcement of this adverse news, EnerNOC's shares dropped almost 30 percent in heavy trading, wiping out over $100 million in shareholder value.
On November 1, 2007, the Company's Chairman and Chief Executive Officer, Timothy Healey, told analysts that the Company's sales force was driving rapid organic revenue growth, but failed to adequately reveal adverse expense trends, and the fact that an increasing number of "megawatts under management" involve prolonged lags in the Company's ability to recognize revenue. Then, on November 19, 2007, the Company and certain insiders sold 2.5 million EnerNOC shares at $43.00 per share in a secondary offering (the "Offering"). Healey sold over 64,000 of his own shares for proceeds of approximately $2.7 million, and David Brewster, the Company's President sold approximately 140,000 of his own shares for proceeds of $6 million. In all, 2.5 million shares were sold for proceeds of over $100 million, including substantial shares sold by large investors who have representatives on EnerNOC's Board of Directors. The Prospectus for the Secondary Offering failed to reveal the material adverse facts set forth above.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
