enCore Energy (EU) Stock Nosedives Amid Financial Reporting Concerns and Leadership Shakeup – ...

By Hagens Berman Sobol Shapiro LLP - Mar 10, 2025, 08:42 PM ET

Last Updated - Mar 10, 2025, 08:42 PM EDT

enCore Energy (EU) Stock Nosedives Amid Financial Reporting Concerns and Leadership Shakeup – ...

SAN FRANCISCO, March 10, 2025 (GLOBE NEWSWIRE) -- enCore Energy Corp. (NASDAQ: EU), a uranium extraction company positioning itself as "America's Clean Energy Company," saw its stock plummet 46% on Mar. 3, 2025, following a series of troubling disclosures. The NASDAQ-listed firm (EU) reported a net loss of $61.3 million for 2024, more than double the $25.6 million loss recorded in 2023.

In a surprising turn of events, enCore also announced the abrupt departure of its Chief Executive Officer, who is "no longer serving" in the role or as a board member. This leadership shake-up coincided with the company’s revelation of "material weaknesses" in its internal controls over financial reporting.

Prominent investor rights firm Hagens Berman is investigating possible misconduct and urges investors who purchased enCore Energy shares and suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge that may assist the firm’s investigation to contact its attorneys.

Visit: www.hbsslaw.com/investor-fraud/eu
Contact the Firm Now: EU@hbsslaw.com
844-916-0895

enCore Energy Corp. (EU) Investigation:

The investigation is focused on the propriety of enCore’s statements about the state of its internal controls over financial reporting.

The company’s March 3rd disclosures stand in stark contrast to enCore's previous assurances. On March 28, 2024, the company had confidently stated that its CEO and CFO had assessed the effectiveness of internal controls as of December 31, 2023, declaring them "effective" with "no material weaknesses" discovered.

enCore’s newly revealed internal control issues are extensive. The company admitted to ineffective design, implementation, and operation of process-level control activities related to financial reporting processes. Management attributed these weaknesses to an ineffective control environment, resulting in inadequate risk management, information and communications, and monitoring activities.

Furthermore, enCore acknowledged a lack of effective risk assessment processes for internal control over financial reporting. This deficiency led to unclear financial reporting objectives and insufficient evaluation of risks, including those stemming from changes in the external environment and business operations.

The stark reversal in enCore’s financial health and control assessments has prompted legal scrutiny. Hagens Berman, a national shareholder rights law firm, has launched an investigation into the propriety of enCore’s previous statements regarding its internal controls.

Reed Kathrein, the Hagens Berman Partner leading the investigation, stated, “We are investigating the extent to which enCore's admitted control weaknesses may have been unknown to investors and the extent to which they may have adversely impacted its financial results.”

If you invested in enCore and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the enCore investigation, read more »

Whistleblowers: Persons with non-public information regarding enCore 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 EU@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. 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

enCore Energy (EU) Stock Nosedives Amid Financial Reporting Concerns and Leadership Shakeup – ...

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