LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong” or “the Company”) (NYSE: HASI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Hannon Armstrong is the subject of a report issued by Muddy Waters Research on July 12, 2022. The report says the Company’s accounting is “so complex and misleading that its financial statements are effectively meaningless.” According to the research report, “HASI misleadingly inflates GAAP earnings 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.” Based on this news, shares of Hannon Armstrong dropped by more than 19% on July 12, 2022.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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