Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Enphase Energy, Inc. who purchased shares between February 26, 2019 and June 17, 2020.
Enphase and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 17, 2020, a report by Prescience Point Capital Management highlighted 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…Deloitte should launch an in-depth investigation of ENPH’s accounting practices,” that there had been hundreds of millions of dollars’ worth of insider sales by Company executives in the prior few months, and also set a target price of “Delisted” for ENPH.
On this news, the price of Enphase’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until August 17, 2020 to request that the court appoint them lead plaintiff.