A securities class action has been filed in the USDC — N.D.CA. against Enphase Energy, Inc. (ENPH) (“Enphase” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Enphase securities Inc. between February 7, 2023 and April 25, 2023, both dates inclusive (the “Class Period”).
Enphase is an energy technology company that designs, develops, manufactures, and sells solar micro-inverters, battery energy storage and EV charging stations in the United States and internationally.
The claim arises on April 25, 2023, when Enphase issued a press release announcing its first quarter earnings. In pertinent part, defendants announced revenue in the United States had decreased by approximately 9% attributing it to macroeconomic conditions. Additionally, defendants put out a weak second quarter outlook for 2023 where revenue was estimated to be within the range of $700 million to $750 million.
The complaint alleges that Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning:
(1) a decrease in battery shipments to Europe and California;
(2) slowdown in battery deployment and adoption;
(3) longer transition period with NEM 3.0 and
(4) slower output of inverters manufactured by the new US base manufacturing lines.
This caused Plaintiff and other shareholders to purchase Enphase’s securities at artificially inflated prices. As a result, the price of Enphase’s common stock declined dramatically. From a closing market price of $220.60 per share on April 25, 2023, Enphase’s stock price fell to $163.83 per share on April 26, 2023, a decline of nearly 26% in the span of just a single day, thereby harming investors.
If you purchased Enphase securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.