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 firstname.lastname@example.org.
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.
Enphase Energy, Inc. (ENPH)
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Filed on 06/17/2020
Lead Plaintiff Deadline 08/17/2020
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Richard W. Gonnello email@example.com Phone (212) 983-9330 Fax (212) 983-9331