LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Enphase Energy, Inc. ("Enphase" or the "Company") (NASDAQ: ENPH) securities between February 26, 2019 and June 17, 2020, inclusive (the “Class Period”). Enphase investors have until August 17, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On June 17, 2020, Prescience Point Capital Management issued a report alleging, among other things, that "at least 39%, or $205.3 million, of [Enphase's] reported U.S. revenue is fabricated." The report also claimed, citing former employees, that "a large portion of [the Company's] astronomical growth over the past two years is attributable to accounting gimmicks that artificially inflate revenue and profits."
On this news, the Company's share price fell $13.72, or nearly 26%, to close at $39.04 per share on June 17, 2020, thereby injuring investors.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that its revenues, both U.S. and international, were inflated; (2) that the Company engaged in improper deferred revenue accounting practices; (3) that 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.
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If you purchased Enphase securities during the Class Period, you may move the Court no later than August 17, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Enphase securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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