Harwood Feffer LLP (“Harwood Feffer”) 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 “demand response companies” – electric power grid operators, utilities, and industrial end-users of electricity – to reduce energy use during expensive peak hours and energy costs and pressure on the grid system. The investigation focuses on allegations that certain demand response companies may engage in the practice of “double counting” power reductions. Double counting occurs when an electric customer either records power savings under more than one demand-cutting program or reduces its electricity demand by more than the originally forecast amount, and then uses that excess to offset a shortfall by other customers. The result is a potential double payment to the demand response provider for a single reduction in the electricity load.
On February 10, 2011, the ENOC disclosed that its Chief Operating Officer, Darren Brady, had resigned, effective February 11, 2011. Also 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.
If you purchased EnerNOC securities between November 8, 2010 and February 11, 2011 and have a loss, whether or not you have sold your shares, and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: James G. Flynn, Esq., Harwood Feffer LLP, (877) 935-7400 (toll free) or (212) 935-7400, or at firstname.lastname@example.org or Harwood Feffer’s website at http://www.hfesq.com.Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome. Harwood Feffer LLP