Ben Axler, 29 September 2020
Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA). Believes Evidence Clearly Shows that Sunnova’s Senior Management has Obfuscated Ties to Past Failures and Fraud in SEC Filings, Including CEO William Berger’s Tenure at Enron. Contends Sunnova is Being Promoted As A Hot Play On Solar Energy, but In Reality Is A Specialty Finance Business Without Meaningfully Differentiated Offerings
Shows that Sunnova is Overleveraged and Dependent on Aggressive Financial Presentation, Accounting and Non-GAAP Metrics Overly Flattering Its Performance. Underscores that a Former Sunnova Executive and Industry Experts Agree that the Company Has an Undifferentiated and Misunderstood Business Model.
