NEW YORK, NY / ACCESSWIRE / July 18, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Enphase Energy, Inc. (“Enphase Energy” or the “Company”) (NASDAQ:ENPH). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Enphase Energy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 17, 2020, analyst Prescience Point Capital Management (“Prescience Point”) published a report asserting, among other allegations, that “the Company’s financial statements filed with the SEC are fiction.” Prescience Point “estimate[d] that at least $205.3m of [Enphase’s] reported US revenue in FY 2019 was fabricated” and further alleged that “based on statements provided by former employees and other solar industry participants, it appears that the Company inflated its international revenue significantly as well. We also believe that most, if not all, of the enormous 2,080 Bps expansion in the Company’s gross margin during [Badrinarayanan] Kothandaraman’s tenure as CEO-from 18.4% in Q2 2017 to 39.2% in Q1 2020-is fiction.”
Following publication of the Prescience Point report, Enphase’s stock price fell $13.72 per share, or 26%, to close at $39.04 per share on June 17, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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