NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP notifies investors of the approaching February 11, 2025, deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of those who acquired Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ:ENPH) securities between April 25, 2023, through October 22, 2024 (“the Class Period”).
[LEARN MORE ABOUT THE CLASS ACTION]
On October 26, 2023, Enphase reported an approximately 34% quarter-over-quarter decline in European revenue in the third quarter of 2023 due to “softening in demand.” During the accompanying quarterly investor earnings call held that same day, the Company’s CEO, Badrinarayanan Kothandaraman, asserted that Enphase would not adjust its pricing strategies, despite countervailing competitive market forces, emphasizing that “there is no broad-based pricing adjustment from us”. On this news, the price of Enphase stock fell $14.09 per share, or approximately 15%, from $96.18 per share on October 26, 2023, to close at $82.09 per share on October 27, 2023.
Then, on October 22, 2024, Enphase announced its third quarter 2024 financial results and revealed an approximately 15% quarter-over-quarter decline in European revenue due to “further softening in European demand.” During the accompanying quarterly investor earning call held that same day, Kothandaraman was again asked whether, considering Enphase’s weakness in Europe, that the Company would alter its pricing strategy. Kothandaraman reiterated that “we are not dropping pricing anywhere,” despite prevailing competitive headwinds. On this news, the price of Enphase stock declined $13.76 per share, or approximately 15%, from $92,23 per share on October 22, 2024, to close at $78.47 per share on October 23, 2024.
The Complaint alleges that defendants, throughout the Class Period, systematically overstated the Company’s ability to maintain its pricing levels and market share for microinverter producers in Europe in the face of competition from low-cost, Chinese alternatives.
If you purchased or otherwise acquired Enphase securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
