COMPANY |
Enphase Energy, Inc. |
COURT |
United States District Court for the Northern District of California |
CASE NUMBER |
20-cv-04036 |
JUDGE |
The Honorable Beth Labson Freeman |
CLASS PERIOD |
February 26, 2019 - June 17, 2020 |
SECURITY TYPE |
Common Stock |
Case Background:
On June 17, 2020 the initial complaint in this securities class action was filed against Enphase Energy, Inc. (“Enphase” or the “Company”) and certain of Enphase’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all purchasers and/or acquirers of Enphase securities between February 26, 2019 and June 17, 2020, both dates inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements as well as failed to disclose material adverse facts to investors. Specifically, the complaint alleges that Defendants 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 that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
Current Status of Case:
On January 22, 2021, Lead Plaintiffs filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on February 19, 2021. On August 17, 2021, the Court granted Defendants’ Motion to Dismiss with leave to amend. On October 18, 2021, Lead Plaintiffs informed the Court that they did not intend to file an amended complaint. Judgment was entered and the case terminated. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji,, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.