The Law Offices of Frank R. Cruz has filed a class action lawsuit in the United States District Court for the Southern District of Texas. The case is titled Zhongjian v. enCore Energy Corp., et al., Case No. 25-cv-1234. The lawsuit represents 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 claims violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Potential class members have until 60 days from this notice to file a motion to be appointed as lead plaintiff in this case.

IF YOU SUFFERED A LOSS ON YOUR ENCORE ENERGY INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.

Key Developments:

On March 3, 2025, enCore reported its fiscal 2024 financial results, indicating a net loss of $61.3 million—more than double the previous year’s loss of $25.6 million. The Company attributed its 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, the Company identified a “material weakness” in its internal controls over financial reporting, due to ineffective risk assessment, communication, and monitoring activities.

On March 2, 2025, enCore announced the appointment of a new acting Chief Executive Officer, stating that Paul Goranson “is no longer serving as enCore’s Chief Executive Officer or as a member of the board of directors.”

Following these announcements, enCore’s stock price dropped by $1.17, or 46.4%, closing at $1.35 per share on March 3, 2025, amidst significantly higher trading volume.

Details of the Lawsuit:

The class action complaint claims that the defendants issued materially false and/or misleading statements and failed to disclose adverse facts regarding the Company’s operations. Specifically, investors were not informed of: (1) the lack of effective internal controls over financial reporting; (2) the inability to capitalize certain exploratory and development costs under GAAP; (3) the resulting increase in net losses; and (4) how previous positive statements from the defendants regarding the Company’s business were misleading or unfounded.

Contact Information for Participation:

Those who purchased enCore securities, or have relevant information or inquiries regarding this lawsuit, can reach out by clicking HERE or by contacting:

Law Offices of Frank R. Cruz

2121 Avenue of the Stars, Suite 800

Telephone: 310-914-5007

Email: [email protected]

Visit our website at: www.frankcruzlaw.com

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250314058884/en/