Enphase Energy, Inc. (ENPH)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In Enphase Energy, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Enphase Energy, Inc. ("Enphase" or the "Company")(NASDAQ:ENPH) of the August 17, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Enphase stock or options between February 26, 2019 and June 17, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Enphase common stock between February 26, 2019 and June 17, 2020 (the "Class Period"). The case, Hurst v. Enphase Energy, Inc. et al., No. 20-cv-04036 was filed on June 17, 2020.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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.

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." The report further stated 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, Enphase's share price fell from $52.76 per share on June 16, 2020 to a closing price of $39.04 on June 17, 2020: a $13.72 or a 26% drop.

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Enphase Energy, Inc. (ENPH)

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Details

Filed on 06/17/2020

Ticker NASDAQ:ENPH

Lead Plaintiff Deadline 08/17/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

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685 Third Avenue 26th Floor
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(877) 247-4292
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Los Angeles, California 90024
(424) 256-2884
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Delaware

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Wilmington, Delaware 19807
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Georgia

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Atlanta, Georgia 30342
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(404) 506-9534

Pennsylvania

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Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania