NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) --
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ: ENPH) between December 12, 2022 and April 25, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Enphase securities, and/or would like to discuss your legal rights and options please visit Enphase Energy, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Enphase is an energy technology company that designs, develops, manufactures, and sells solar micro-inverters, battery energy storage and EV charging stations in the United States and internationally.
According to the Complaint, Defendants made material misrepresentations and omissions of material fact about Enphase’s business throughout the Class Period; namely, Defendants failed to disclose that battery shipments were slowing, that the Company was suffering from a lower transition rate in California and a slower output of inverters, and Defendants trumpeted Enphase’s Arizona and Florida’s microinverter deployments when they were being harmed by rising interest rates.
The truth was revealed on April 25, 2023. On that date, the market learned that Enphase’s battery shipments were slowing, the Company was suffering from a lower transition rate in California and a slower output of inverters, and rising interest rates in Florida and Arizona markets were adversely affecting Enphase’s business.
After this news, Enphase’s stock price plummeted from a closing market price of $220.60 per share on April 25, 2023 to $163.83 per share on April 26, 2023 – a decline of nearly 26% in a single day.
If you wish to serve as lead plaintiff, you must move the Court no later than July 29, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Enphase securities, and/or would like to discuss your legal rights and options please visit Enphase Energy, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
