WELLINGTON, FL / ACCESSWIRE / June 24, 2020 / Barbuto & Johansson, P.A. ("BARJO" or the "Firm") and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON), remind investors that they have until August 17, 2020 to file lead plaintiff applications in the securities class action lawsuit filed against Enphase Energy, Inc. (Nasdaq:ENPH). Shareholders with significant losses are encouraged to contact the Firm to discuss their options.
On June 17, 2020, Prescience Point Capital Management ("Prescience Point"), a private investment manager that focuses on investigations of public companies, published a negative research report on Enphase Energy, Inc. supporting its short position. According to Prescient Point, its research suggests that at least 39%, or $205 million, of US revenue reported by the company is potentially fabricated, as is a significant portion of the company's international revenue. Eiad Asbahi, Founder and Portfolio Manager of Prescient Point said, "The explosive growth that Enphase has reported to investors over the last two years is nothing but a sham which has lined the pockets of those at the top of the company… We believe the evidence presented in our report will result in multiple government investigations, a major accounting restatement, shareholder lawsuits and a delisting of ENPH shares from the NASDAQ." On this news, the Company's share price fell nearly 26%.
A lawsuit, Gregory A. Hurst v. Enphase Energy, Inc., et al., Case No.: 5:20-cv-04036, has now been filed in the U.S. District Court for the Northern District of California on behalf of shareholders who purchased the Company's common stock between February 26, 2019 and June 17, 2020, inclusive (the "Class Period").
The lawsuit alleges that Enphase and certain of its executives failed to disclose material information during the Class Period, violating federal securities laws. Specifically, the lawsuit alleges, in part, that the Defendants misrepresented and/or failed to disclose to investors that Enphase's revenues were inflated, that Enphase engaged in improper deferred revenue accounting practices, and the Company's reported base points expansion in gross margins were overstated.
If you purchased shares of Enphase and would like to discuss the case and your options as a class member and serving as a lead plaintiff, you may, without obligation or cost, contact attorney Anthony Barbuto, at (888) 715-2520, or via email at [email protected] and Neil Rothstein via email at [email protected]. BARJO believes strongly that the choice of a qualified lead plaintiff can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com
SOURCE: Barbuto & Johansson Firm