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ENPH.US
id: 1237

Enphase Energy (ENPH) Declining Revenue Case

N.D. California
Court
3:24-cv-03216
Case number
07 Feb 2023
Class period Start
25 Apr 2023
Class period End
20 Sept 2024
Lead Plaintiff motion deadline
  • $ENPH stockholder filed a claim vs. Enphase Energy for hiding its declining sales and production that caused declining revenues.
  • On April 26, 2023, on the news about financial results, $ENPH fell 25.7%, losing $7.7B+ in shareholder value.
  • Enphase investors can join this case to be notified about potential recovery.
Case Details:

On April 25, 2023, Enphase announced that its Q1'23 US revenue decreased 9% due to seasonality and macroeconomic conditions.

Moreover, Enphase projected a weak Q2 outlook for 2023, estimating revenue between $700M and $750M.

On this news, $ENPH fell 25.7%, losing $7.7B+ in shareholder value the next day.

Based on these events, $ENPH stockholder filed a claim against Enphase and its leaders, accusing them of the following:
  • They hid the fact that battery shipments to Europe and California were decreasing.
  • Transition with California's net energy metering 3.0 policy took longer, and there was slower output from Enphase's new US manufacturing lines for inverters.
Considering all the representations, investors have reasons to suspect that Enphase Energy of hiding setbcks in its operations.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
26 April 2023
Filing date
29 May 2024
Lead Plaintiff Deadline
20 September 2024
Judge
Hon. Beth Labson Freeman
Collecting participants…