WELLINGTON, Fla., June 22, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO” or the “Firm”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON), remind investors that they have until August 17, 2020 to file lead plaintiff applications in the securities class action lawsuit filed against Enphase Energy, Inc. (NasdaqGS: ENPH). Shareholders with losses exceeding $200,000 are encouraged to contact the Firm to discuss their options.
The case, Gregory A. Hurst v. Enphase Energy, Inc., et al., Case No.: 5:20-cv-04036, was filed in the U.S. District Court for the Northern District of California on behalf of shareholders who purchased the Company’s common stock between February 26, 2019 and June 17, 2020, inclusive (the “Class Period”).
The lawsuit alleges that Enphase and certain of its executives failed to disclose material information during the Class Period, violating federal securities laws. Specifically, the lawsuit alleges, in part, that the Defendants misrepresented and/or failed to disclose to investors that Enphase’s revenues were inflated, that Enphase engaged in improper deferred revenue accounting practices, and the Company’s reported base points expansion in gross margins were overstated.
On June 17, 2020, analyst Prescience Point Capital Management published a report in which it wrote, “…we believe the Company’s financial statements filed with the SEC are fiction. Based on our research, we estimate that at least $205.3m of its reported US revenue in FY 2019 was fabricated. Based on statements provided by former employees and other solar industry participants, it appears that the Company inflated its international revenue significantly as well.” The report further stated, “Meanwhile, ENPH executives and board members, as well as its previous largest shareholder, appear to have learned of the existence of our private investigation and are desperately trying to unload their shares before the ship sinks. In the span of just four days from June 1, 2020 to June 4, 2020, ENPH executives sold an unprecedented 254,097 shares worth a whopping $13.7m in open market dispositions, which significantly exceeds the 187,508 or $3.9m worth of shares ENPH executives had sold in the almost 2.5 years prior.” On this news, the stock plummeted approximately 26%.
If you purchased shares of Enphase and would like to discuss the case and your options as a class member and serving as a lead plaintiff, you may, without obligation or cost, contact attorney Anthony Barbuto, at (888) 715-2520, or via email at anthony@barjolaw.com, or Neil Rothstein via email at neil@barjolaw.com. BARJO believes strongly that the choice of a qualified lead plaintiff can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com