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Enphase Energy, Inc.

Company NameEnphase Energy, Inc.
Stock SymbolENPH
Class PeriodFebruary 26, 2019 to June 17, 2020
Lead Plaintiff Motion DeadlineAugust 17, 2020

On June 17, 2020, Prescience Point Capital Management issued a report alleging, among other things, that "at least 39%, or $205.3 million, of [Enphase's] reported U.S. revenue is fabricated." The report also claimed, citing former employees, that "a large portion of [the Company's] astronomical growth over the past two years is attributable to accounting gimmicks that artificially inflate revenue and profits." 

On this news, the Company's share price fell $13.72, or nearly 26%, to close at $39.04 per share on June 17, 2020, thereby injuring investors.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that its revenues, both U.S. and international, were inflated; (2) that the Company engaged in improper deferred revenue accounting practices; (3) that 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.

 

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