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Enphase Energy, Inc. (NASDAQ: ENPH) Investor Securities Class Action Lawsuit 06/18/2020

  • If you purchased shares of Enphase Energy, Inc. (NASDAQ: ENPH), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Enphase Energy, Inc.
Security
NASDAQ: ENPH

Case Name
Enphase Energy Shareholder Class Action Lawsuit 06/18/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

January 22, 2021 - An amended complaint was filed.

June 17, 2020 - An investor in shares of Enphase Energy, Inc. (NASDAQ: ENPH) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Enphase Energy, Inc. in connection with certain allegedly false and misleading statements made between February 26, 2019 and June 17, 2020.

Fremont, CA based Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. Enphase Energy, Inc. reported that its annual Total Revenue rose from $316.15 million in 2018 to $624.33 million in 2019, and that its Net Loss of $11.62 million in 2018 turned into a Net Income of $161.14 million in 2019. On June 17, 2020, an updated report was published by a short seller. The report alleged that Enphase Energy, Inc. fabricated at least $205.3million, or 39%, of its reported U.S. revenue. The report also alleged numerous other misleading and/or deceptive business practices, including reporting nearly impossible reduction in the Company’s unit costs and suspicious stock dumps by executives and board members. Shares of Enphase Energy, Inc. (NASDAQ: ENPH) declined from $70.36 per share on May 19, 2020 to as low as $37.81 per share on June 17, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Enphase Energy, Inc. (NASDAQ: ENPH) common shares between February 26, 2019 and June 17, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Enphase misrepresented and/or failed to disclose to investors that its revenues, both U.S. and international, were inflated, that the Company engaged in improper deferred revenue accounting practices, that the Company's reported base points expansion in gross margins were overstated, and that as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.