• July 5, 2020

National Litigation Powerhouse Labaton Sucharow Announces the Filing of a Class Action Against Enphase Energy, Inc. (ENPH) and Encourages Stock, Options, and Derivative Investors to Contact the Firm - Odessa American: News

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National Litigation Powerhouse Labaton Sucharow Announces the Filing of a Class Action Against Enphase Energy, Inc. (ENPH) and Encourages Stock, Options, and Derivative Investors to Contact the Firm

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Posted: Monday, June 29, 2020 9:19 am | Updated: 9:46 am, Mon Jun 29, 2020.

NEW YORK--(BUSINESS WIRE)--Jun 29, 2020--

Labaton Sucharow LLP, a nationally ranked investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of stock, options, and derivatives of Enphase Energy, Inc. (NASDAQ: ENPH) between February 26, 2019 and June 17, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Enphase investors under the federal securities laws.

The complaint alleges that Enphase 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 (4) as a result of the foregoing, defendants' public statements were materially false and misleading at all relevant times.

In particular, on June 17, 2020, Prescience Point Capital issued negative analysis reporting that 39% or $205M of Enphase’s revenue "fabricated" by "accounting gimmicks that artificially inflate revenue and profits." Prescience also claimed former Enphase employees in India believe the company is utilizing an offshore finance and accounting team to help executives perpetrate potential accounting violations.

On this news, Enphase dropped as much as 15% on heavy volume.

If you would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact David J. Schwartz, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at dschwartz@labaton.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200629005521/en/

CONTACT: David J. Schwartz, Esq.

(800) 321-0476

dschwartz@labaton.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Labaton Sucharow LLP

Copyright Business Wire 2020.

PUB: 06/29/2020 10:19 AM/DISC: 06/29/2020 10:19 AM

http://www.businesswire.com/news/home/20200629005521/en

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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