Class Action Lawsuits Filed Against Multiple Companies Amid Financial Concerns

NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, P.C., a prominent shareholder rights law firm, has announced the initiation of class action lawsuits on behalf of investors in Enphase Energy, Hertz Global Holdings, FAT Brands Inc., and Charge Enterprises. The class period for these actions spans from April 27, 2023, to April 24, 2024, as shareholders seek accountability for alleged mismanagement and misleading statements. Hertz Global Holdings, which has been expanding its electric vehicle (EV) rental fleet, recently disclosed plans to sell approximately 20,000 EVs to align supply with anticipated demand. This decision is expected to incur a significant depreciation expense of around $245 million in the fourth quarter of 2023. The company’s earlier commitments to invest heavily in EV infrastructure and partnerships have come under scrutiny as it grapples with financial adjustments and market fluctuations. Charge Enterprises is facing its own challenges, particularly concerning its financial dealings with KORR Acquisitions. Despite repeated requests for the return of $14 million invested with KORR, the company has only received a fraction of the funds, leading to concerns about its financial stability. The ongoing failure to recover these funds has raised alarms about potential defaults on debt obligations, which could have severe repercussions for Charge’s operations. The filed complaints allege that during the class period, the defendants made materially false and misleading statements regarding Charge’s financial health and its relationship with KORR Acquisitions. These misrepresentations have reportedly exposed investors to significant risks and potential losses, prompting the legal actions now underway.