HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Hannon Armstrong (HASI) Investors with Losses to Contact Firm's Attorneys, Firm Investigating Possible Securities Law Violations
SAN FRANCISCO, July 13, 2022 /PRNewswire/ -- Hagens Berman urges investors in Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) who have suffered significant losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/HASI
Contact An Attorney Now: [email protected]
844-916-0895
Hannon Armstrong (NYSE:HASI) Investigation:
The investigation focuses on the propriety of Hanon Armstrong's accounting, including its reported earnings and cash flows.
Hanon Armstrong's financial reporting came into question on July 12, 2022, when investment research firm Muddy Waters released a scathing report, accusing the renewable energy REIT, which invests in wind and solar projects, of misleadingly inflating GAAP earnings.
Specifically, Muddy Waters alleges Hanon Armstrong overstates its bottom line three ways: "1) Through a loophole in the arcana of accounting for renewables subsidies, HASI books non-cash unrealizable income relating to third parties' tax credits that will be reversed; 2) HASI produces non-cash income by manipulating the discount rate it applies to residual assets to implausibly low levels, thereby inflating its gains on securitizations; and, 3) HASI books interest income from non-cash 'Paid in Kind' ('PIK') interest payments, which are essentially IOUs from stressed borrowers."
As a result, Muddy Waters contends that Hanon Armstrong's reported GAAP income and operating cash flow is misleadingly high.
On this news, HASI shares declined sharply.
"We're focused on investors' losses and determining whether Hanon Armstrong engaged in accounting misconduct," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Hanon Armstrong and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Hanon Armstrong should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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