This is a securities class action lawsuit against EnerNoc, Inc. and certain officers and directors on behalf of all persons , who:
(1) purchased or otherwise acquired the common shares of EnerNOC between November 1, 2007, through and including, February 27, 2008, (the "Class Period"); and/or
(2) purchased or otherwise acquired EnerNOC common stock pursuant to Prospectus filed November 13, 2007 ("November 13 Prospectus").
The class action complaint alleges that on November 1, 2007, EnerNOC announced its financial results for the third quarter and nine months ended September 30, 2007. EnerNOC reported revenues of $19.1 million for the third quarter of 2007, compared to $11.0 million for the same period in 2006. Total revenues for the nine months ended September 30, 2007, totaled $41.1 million. Cost of revenues for the third quarter of 2007 was $11.3 million, compared to $5.2 million for the same period in 2006.
EnerNoc represented that this was the highest quarterly revenue performance in EnerNoc history and that sales of EnerNOC's demand response solutions accounted for substantially all of the third quarter revenue in both 2006 and 2007. These statements were materially false and misleading when made because Defendants knew, but failed to adequately reveal, that expenses were rising far faster than revenues creating a negative trend, and the increasing number of megawatts under management involved prolonged lags in the ability to recognize revenue.
Name (Stock Symbol)
EnerNOC, Inc. (ENOC)
EnerNOC, Inc. is a software company that provides demand response and energy management solutions to commercial, institutional, and industrial customers, as well as electric power grid operators and utilities in the United States.
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