NEW YORK–(BUSINESS WIRE)–#ENPH–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased Enphase Energy, Inc. (NASDAQ: ENPH) common stocksecurities between February 26, 2019 and June 17, 2020 (the “Class Period”). Investors have until August 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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. Prescience Point also detailed hundreds of millions of dollars’ worth of insider sales in the last few months.
On this news, the stock plummeted from its June 16, 2020 closing price of $52.76 per share to a June 17, 2020 closing price of $39.04 per share, a one day drop of $13.72 or approximately 26%.
The complaint, filed on June 17, 2020, 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.
If you purchased Enphase common stock securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.