BOSTON, MA / ACCESSWIRE / July 9, 2020 / Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, reminds investors that it has filed a class-action lawsuit on behalf of shareholders against Enphase Energy, Inc. (NASDAQ:ENPH) and certain of its officers for securities fraud. The lead plaintiff deadline is August 17, 2020. Investors who purchased Enphase Energy shares between February 26, 2019 and June 17, 2020 are encouraged to contact the firm for a free case evaluation.
On June 17, 2020, Prescience Point Capital Management published a report concerning Enphase Energy, in which Prescience Point wrote 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." Prescience Point further wrote that "Deloitte should launch an in-depth investigation of ENPH's accounting practices," and set a target price of "Delisted" for ENPH. Prescience Point also detailed hundreds of millions of dollars' worth of insider sales in the last few months. On this news, the stock fell approximately 26% from its June 16, 2020 closing price.
The lawsuit, filed in the Northern District of California, 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 that (4) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times. The case is captioned Hurst v. Enphase Energy, Inc., No. 5:20-cv-04036 (N.D. Cal.).
If you purchased or acquired shares of Enphase Energy and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or at https://shareholder.law/enph.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
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SOURCE: Block & Leviton LLP