Enphase Energy (ENPH) Declining Revenue Case

The case has been dismissed, typically without any further action.

N.D. California

Court

3:24-cv-03216

Case number

02/07/2023

Class period Start

04/25/2023

Class period End

09/20/2024

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

Dismissed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

04/26/2023

Filing date

05/29/2024

Lead Plaintiff Deadline

09/20/2024

Judge

Hon. Beth Labson Freeman