Glancy Prongay & Murray LLP (“GPM”) has initiated a class action lawsuit in the United States District Court for the Southern District of Texas. This legal action is titled Zhongjian v. enCore Energy Corp., et al., Case No. 25-cv-1234, representing individuals and entities that acquired enCore Energy Corp. (“enCore” or the “Company”) EU securities between March 28, 2024 and March 2, 2025 (the “Class Period”). The plaintiff asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are urged to note that they have 60 days from the date of this notice to file a motion with the Court to be appointed as lead plaintiff in this lawsuit.

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Overview of Events

On March 3, 2025, enCore disclosed its fiscal 2024 financial results. The report showed a net loss of $61.3 million, which is significantly higher than the $25.6 million loss reported for the previous fiscal year. The Company attributed the poor performance to “the inability to capitalize certain exploratory and development costs under U.S. GAAP, which would have been capitalized under IFRS [International Financial Reporting Standards].” Additionally, enCore reported identifying a “material weakness” in its internal controls over financial reporting in 2024. This weakness arose from an ineffective control environment that hampered risk assessment, information dissemination, and monitoring procedures.

On March 2, 2025, enCore also announced the appointment of a new acting Chief Executive Officer “effective immediately,” signaling the departure of Paul Goranson from his position as Chief Executive Officer and board member.

Following this news, enCore’s stock plummeted by $1.17, or 46.4%, closing at $1.35 per share on March 3, 2025. The decline occurred amid unusually high trading volumes.

Details of the Lawsuit

The class action complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose critical adverse information regarding the Company’s business, operations, and future prospects. Specifically, the Defendants allegedly did not inform investors that enCore lacked effective internal controls over financial reporting, that it could not capitalize certain exploratory and development costs according to GAAP, and that these factors led to significantly increased net losses. Consequently, statements made by the Defendants about the Company’s performance and outlook were claimed to be materially misleading or lacking in a reasonable basis.

For those who acquired enCore securities during the Class Period, the opportunity exists to petition the Court, no later than 60 days from the date of this notice, to seek the appointment as lead plaintiff.

Contact Information for Interested Parties:

For further details about this action, or if you have questions regarding this announcement or your rights and interests, please reach out:

Charles Linehan, Esq.

Glancy Prongay & Murray LLP

1925 Century Park East, Suite 2100

Los Angeles, California 90067

Email: [email protected]

Telephone: 310-201-9150

Toll-Free: 888-773-9224

Visit our website at www.glancylaw.com.

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If you contact us via email, please include your mailing address, telephone number, and the number of shares purchased.

To maintain membership in the Class, no immediate action is required. Individuals may choose to retain their own counsel or remain absent from the Class.

This announcement may be categorized as Attorney Advertising in certain jurisdictions under applicable laws and ethical guidelines.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250314340834/en/

Contact Information:

Glancy Prongay & Murray LLP

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

Charles Linehan

Email: [email protected]

Telephone: 310-201-9150

Toll-Free: 888-773-9224

Visit our website at: www.glancylaw.com.