Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Enphase To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Enphase between February 7, 2023 and April 25, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ENPH.
NEW YORK, July 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ: ENPH) and reminds investors of the July 29, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) material adverse facts concerning decrease in battery shipments to Europe and California; (2) 28 slowdown in battery deployment and adoption; and (3) longer transition period with NEM 3.0 and slower output of inverters manufactured by the new US base manufacturing lines. This caused Plaintiff and other shareholders to purchase Enphase’s securities at artificially inflated prices.
On April 25, 2023, Enphase issued a press release announcing its first quarter earnings. In pertinent part, Defendants announced revenue in the United States had decreased by approximately 9% attributing it to macroeconomic conditions. Additionally, Defendants put out a weak second quarter outlook for 2023 where revenue was estimated to be within the range of $700 million to $750 million.
On this news, Enphase’s stock price fell $56.77 per share, or nearly 26%, to close at $163.83 per share on April 26, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Enphase’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Enphase class action, go to www.faruqilaw.com/ENPH or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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