NEW YORK--(BUSINESS WIRE)--Labaton Sucharow LLP, a nationally ranked investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of stock, options, and derivatives of Enphase Energy, Inc. (NASDAQ: ENPH) between February 26, 2019 and June 17, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Enphase investors under the federal securities laws.
The complaint alleges that Enphase misrepresented and/or failed 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 (4) as a result of the foregoing, defendants' public statements were materially false and misleading at all relevant times.
In particular, on June 17, 2020, Prescience Point Capital issued negative analysis reporting that 39% or $205M of Enphase’s revenue "fabricated" by "accounting gimmicks that artificially inflate revenue and profits." Prescience also claimed former Enphase employees in India believe the company is utilizing an offshore finance and accounting team to help executives perpetrate potential accounting violations.
On this news, Enphase dropped as much as 15% on heavy volume.
If you 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 David J. Schwartz, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at email@example.com.
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Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com.