NEW YORK–(BUSINESS WIRE)–$ENPH #classaction–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ: ENPH) securities during the period from February 26, 2019 through June 17, 2020. Investors have until August 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Enphase failed to disclose that: (i) its U.S. and international revenues were inflated; (ii) the Company engaged in improper deferred revenue accounting practices; and (iii) the Company’s reported base points expansion in gross margins were overstated.
On June 17, 2020, Prescience Point Capital Management published a report alleging 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. On this news, the price of Enphase shares fell $13.72, or 26.0%, to close at $39.04 on June 17, 2020.
If you acquired Enphase securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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