SAN FRANCISCO, June 18, 2020 /PRNewswire/ -- Hagens Berman urges investors in Enphase Energy, Inc. (NASDAQ: ENPH) who suffered losses in excess of $150,000 to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Enphase Energy (ENPH) Securities Fraud Class Action:
The complaint alleges that Enphase misrepresented and concealed 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 that (4) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
Investors began to learn the truth, according to the complaint, on June 17, 2020, when research firm Prescience Point published a report concluding 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 also noted since the start of June, possibly when insiders became aware of its investigation, Enphase insiders dumped $120.9 million in stock at inflated prices.
In response, the price of Enphase shares plummeted over 25% on June 17, 2020.
"We're focused on investors' losses and proving that Enphase misreported revenues and inflated margins," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Enphase and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Enphase should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP