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EnerNOC, Inc. Summary: According to the Complaint, Plaintiff brings this class action on behalf of all persons similarly situated, (the "Class"), other than Defendants and their affiliates, who (1) purchased or otherwise acquired the common shares of EnerNOC, Inc. ("EnerNOC" or the "Company) 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 on Form 424B4 filed November 13, 2007 ("November 13 Prospectus") between November 13, 2007 through and including February 27, 2008, for violations of the federal securities laws. Plaintiff seeks to recover damages caused to the Class by Defendants' violations of Section 11 of the Securities Act of 1933 (the "Securities Act") and Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act").
Specifically, the 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. The Company represented that this was the highest quarterly revenue performance in Company 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.
INDUSTRY CLASSIFICATION:
SIC Code: 7389
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | EnerNOC, Inc. |
| COMPANY/ISSUER TICKER: | ENOC |
| COMPANY WEBSITE: | http://www.enernoc.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Matt Gunther, et al. v. EnerNOC, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 03/04/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Galen Calvert, et al. v. EnerNOC, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/06/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Santiago Mulet, et al. v. EnerNOC, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/14/2008 | ||
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