SolarEdge Technologies, Inc.

SolarEdge Technologies, Inc. (SEDG) is Accused of Misappropriating its Patented Technology

A shareholder filed a class action on behalf of all persons who purchased or otherwise acquired common shares of SolarEdge Technologies, Inc. (NASDAQ: SEDG) stock between August 6, 2022 and October 19, 2022.

According to the complaint, during the class period, defendants failed to disclose to investors that  the designs of the power optimizers, inverters, and components thereof used to develop SolarEdge’s products potentially originated with and were misappropriated from Ampt LLC (“Ampt”), a competitor in the renewable energy industry. On July 28, 2022, Ampt filed a complaint in the U.S. District Court for the District of Delaware and with the U.S. International Trade Commission (“ITC”) making such allegations.

On August 29, 2022, the ITC issued a statement that it had voted to investigate the allegations made by Ampt. On this news, the price of SolarEdge shares declined 1.4% to close at $279.46 on August 29, 2022, causing SolarEdge to lose market capitalization of $265 million on August 29, 2022.

Then, on October 19, 2022, Judge Connolly stayed the parallel proceeding filed against SolarEdge by Ampt, indicating that the findings of the ITC will likely have a direct impact on the court proceedings.  On this news, shares of SolarEdge stock fell 2.3% to close at $199.46 on October 19, 2022.

A ruling against SolarEdge could prohibit the import, marketing, and sale of its power optimizers and inverters, including solar energy systems that contain such products, which in turn seriously threaten SolarEdge’s ability to monetize on their solar energy systems that contain the power optimizers and inverters in the United States and generate revenue.

What Now: Shareholders who purchased shares of SolarEdge Technologies, Inc. between August 6, 2022 and October 19, 2022, must file their papers to be appointed lead plaintiff for the class by January 3, 2023. A lead plaintiff is a representative party acting 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.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Send us a message for more information.

Skip to content