Robbins LLP is Investigating Allegations that Enphase Energy, Inc. (ENPH) Misled Investors Regarding its Business Prospects
Robbins LLP informs investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Enphase Energy, Inc. (NASDAQ: ENPH) securities between February 7, 2023 and April 24, 2023. Enphase is an energy technology company that designs, develops, manufactures, and sells solar micro-inverters, battery energy storage, and EV charging stations in the United States and internationally.
The Allegations
According to the complaint, defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations. In truth, Enphase had been experiencing a decrease in battery shipments to Europe and California, slowdown in battery deployment and adoption, longer transition period with NEM 3.0, and slower output of inverters manufactured by the new US base manufacturing lines. Defendants misled investors by providing the public with materially flawed revenue outlook for fiscal 2023.
Plaintiff alleges that on April 25, 2023, Enphase announced its first quarter earnings, stating revenue in the United States had decreased by approximately 9% attributing it to macroeconomic conditions. Additionally, defendants put out a weak second quarter outlook for 2023 where revenue was estimated to be within the range of $700 million to $750 million. On this news, the price of Enphase’s common stock declined dramatically. From a closing market price of $220.60 per share on April 25, 2023, Enphase’s stock price fell to $163.83 per share on April 26, 2023, a decline of nearly 26% in the span of just a single day.
What Now: You may be eligible to participate in the class action against Enphase Energy, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by July 29, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.