Roy Jacobs & Associates is investigating possible claims on behalf of purchasers of the securities of EnerNOC, Inc. (“EnerNOC” or the “Company”) (NASDAQ:ENOC) concerning possible violations of federal securities laws related to the alleged inflation of reported revenues. EnerNOC provides demand response and energy management solutions for electric power grid operators, utilities, and industrial end-users of electricity to reduce energy use during expensive peak hours.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to firstname.lastname@example.org.
The investigation focuses on allegations reported by Reuters that certain demand response companies may engage in “double counting” of power reductions. Double counting occurs when a customer either records power savings under more than one demand-cutting program or reduces its electricity demand by more than originally forecast and uses that excess to offset a shortfall by other customers, resulting in potential double payment to the demand response provider for a single reduction in the electricity load.
On February 11, 2011, Reuters reported a drop in the price of EnerNOC shares resulting from “concerns that the demand response company may have fattened revenues on the books and covered up some customers’ failure to meet agreed-upon power-use reduction targets.”On this news, shares of ENOC fell to $20.49 from its opening price of $23.85, and have declined further. ENOC’s Chief Operating Officer, Darren Brady, resigned effective February 11, 2011. If you purchased EnerNOC securities between October 20, 2010 and February 11, 2011 and have a loss, whether or not you have sold your shares, and you are interested in discussing your rights please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.