The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Enphase Energy, Inc. (ENPH) Investors

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 7, 2023 and April 25, 2023, inclusive (the “Class Period”). Enphase investors have until July 29, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On April 25, 2023, Enphase released its first quarter 2023 earnings, revealing that revenue in the United States had decreased by approximately 9%, citing macroeconomic conditions. Additionally, the Company lowered its second quarter 2023 outlook.

On this news, Enphase’s stock price fell $56.77, or 25.7%, to close at $163.83 per share on April 26, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Enphase had been experiencing a decrease in battery shipments to Europe and California; (2) Enphase had been experiencing a slowdown in battery deployment and adoption; (3) Enphase had been experiencing a longer transition period with NEM 3.0 and slower output of inverters manufactured by the new US base manufacturing lines; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis 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 July 29, 2024 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, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], 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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