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Oklahoma City, OK (July 1, 2020) – On June 17, 2020, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Enphase Energy, Inc. (NASDAQ: ENPH). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 26, 2019 through June 17, 2020. More specifically, the complaint alleges that Enphase misrepresented and/or failed to disclose to investors that: (1) its revenues, both U.S. and international, were inflated; (2) the Company engaged in improper deferred revenue accounting practices; (3) the Company’s reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
Earlier on June 17, 2020, Prescience Point Capital Management published a report concerning Enphase Energy, in which Prescience Point wrote that “[a]t least $205.3m of ENPH’s reported FY19 US revenue is fabricated, and a significant portion of its international revenue is fabricated as well.” Prescience Point further wrote that “Deloitte should launch an in-depth investigation of ENPH’s accounting practices,” and set a target price of “Delisted” for ENPH. On this news, the stock fell approximately 26% from its June 16, 2020 closing price.
Plaintiff seeks to recover damages on behalf of all Enphase Energy, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, August 17, 2020 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org