ENPH Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Enphase Energy, Inc. (NASDAQ: ENPH); Lead Plaintiff Deadline is August 17, 2020
PHILADELPHIA, June 24, 2020 – Berger Montague is investigating potential securities fraud claims against Enphase Energy, Inc. (“Enphase” or the “Company”) on behalf of investors who purchased Enphase securities (NASDAQ: ENPH) between February 26, 2019 and June 17, 2020 (the “Class Period”).
If you purchased Enphase securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Benjamin Galdston at (619) 678-0187 or Andrew Abramowitz at (215) 875-3015, or fill out the form on this page.
The lawsuit alleges that Enphase, a California-based solar energy company, 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; and (3) the significant expansion in the Company’s gross margins was overstated. As a result, the Company’s financial statements issued during the Class Period were materially false or misleading.
On June 17, 2020, analyst Prescience Point Capital Management (“Prescience”) published a report that claimed that Enphase’s financials were “fiction.” Prescience asserted 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.” The report – which Prescience claimed was based on interviews with former Enphase employees and solar industry personnel, as well as on the work of a private investigative firm – further asserted that the considerable margin expansion reported by the Company since 2Q 2017 is a fiction. Prescience encouraged both regulators and the Company’s own outside auditors (Deloitte) to investigate Enphase’s accounting practices. Critically, Prescience detailed hundreds of millions of dollars’ worth of insider sales that were made just days before the report was published. On this news, the stock fell approximately 26% from its June 16, 2020 closing price.
If you purchased Enphase shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is August 17, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Enphase Energy, Inc. are encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.