Enphase Energy, Inc.
| Company Name | Enphase Energy, Inc. |
| Stock Symbol | ENPH |
| Class Period | February 07, 2023 to April 25, 2023 |
| Lead Plaintiff Motion Deadline | July 29, 2024 |
On April 25, 2023, Enphase released its first quarter 2023 earnings, revealing that revenue in the United States had decreased by approximately 9%, citing macroeconomic conditions. Additionally, the Company lowered its second quarter 2023 outlook.
On this news, Enphase’s stock price fell $56.77, or 25.7%, to close at $163.83 per share on April 26, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Enphase had been experiencing a decrease in battery shipments to Europe and California; (2) Enphase had been experiencing a slowdown in battery deployment and adoption; (3) Enphase had been experiencing a longer transition period with NEM 3.0 and slower output of inverters manufactured by the new US base manufacturing lines; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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