Enphase Energy, Inc. is facing a securities class action lawsuit in the US District Court for the Northern District of California, alleging violations of the Securities Exchange Act of 1934. The lawsuit, filed by Bernstein Liebhard LLP, alleges that critical business operations information was withheld between December 12, 2022, and April 25, 2023. It claims that Enphase misrepresented or omitted details on slowing battery shipments, reduced transition rates in California, and slower inverter production. It further claims that the company did not adequately communicate the negative impact of increasing interest rates on its Arizona and Florida markets. These revelations on April 25, 2023, led to a significant 26% stock price drop, falling from $220.60 to $163.83 per share. The law firm urges investors affected by these developments to consider their legal rights promptly, with a lead plaintiff deadline set for July 29, 2024.
Enphase faces Securities Lawsuit for misleading investors
Bernstein Liebhard LLP has filed a complaint against Enphase Energy in the United States District Court for Northern California. (Image Credit: Pexels)
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