Enphase Energy, Inc.
|Company Name||Enphase Energy, Inc.|
|Class Period||February 26, 2019 to June 17, 2020|
|Lead Plaintiff Motion Deadline||August 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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