PR Newswire
SAN DIEGO, Dec. 18, 2024
SAN DIEGO, Dec. 18, 2024 /PRNewswire/ -- Robbins LLP announces that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired Enphase Energy, Inc. (NASDAQ: ENPH) securities between April 25, 2023 and October 22, 2024. Enphase develops, manufactures, and sells solar microinverters, which are primarily used in residential solar installations to convert solar panel output from direct current to alternating current (which can be transmitted to the power grid).
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Enphase Energy, Inc. (ENPH) Misled Investors Regarding Conflicts of Interest
According to the complaint, during the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, defendants systematically overstated the Company's ability to maintain its pricing levels and market share for microinverter products in Europe in the face of competition from low-cost, Chinese alternatives.
Plaintiff alleges that investors fully learned the truth about Enphase's competitive positioning in Europe after the market closed on October 22, 2024, when the Company announced its third quarter 2024 financial results and revealed an approximately 15% quarter-over-quarter decline in European revenue due to "further softening in European demand." In response to Enphase's continued poor performance in Europe, Guggenheim downgraded Enphase stock to a sell rating from a neutral rating and explained that Enphase is "losing share to Chinese competitors who are willing to sell at less than half [Enphase]'s level." On this news, the price of Enphase common stock declined $13.76 per share, or nearly 15%, from a close of $92.23 per share on October 22, 2024, to close at $78.47 per share on October 23, 2024.
What Now: You may be eligible to participate in the class action against Enphase Energy, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 11, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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SOURCE Robbins LLP
