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Upcoming Lead Plaintiff Deadline is July 29, 2024
NEW YORK, June 7, 2024 /PRNewswire/ — Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein“) announces that a federal securities class action lawsuit has been filed against Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ: ENPH) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Enphase securities between February 7, 2023 and April 25, 2023, both dates inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than July 29, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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As specified in the filed complaint, defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations. In truth, Enphase had been experiencing a decrease in battery shipments to Europe and California, slowdown in battery deployment and adoption, longer transition period with NEM 3.0, and slower output of inverters manufactured by the new US base manufacturing lines. Company management misled investors by providing the public with materially flawed revenue outlook for fiscal 2023.
On April 25, 2023, Enphase announced its first quarter earnings, stating revenue in the United States had decreased by approximately 9% attributing it to macroeconomic conditions. Additionally, defendants put out a weak second quarter outlook for 2023 where revenue was estimated to be within the range of $700 million to $750 million.
On this news, the price of Enphase’s common stock declined dramatically. From a closing market price of $220.60 per share on April 25, 2023, Enphase’s stock price fell to $163.83 per share on April 26, 2023, a decline of nearly 26 for the single day.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP