New York, New York–(Newsfile Corp. – July 29, 2020) – 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, click here: www.faruqilaw.com/ENPH. 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 [email protected].
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Enphase’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60696
