Zamansky LLC is investigating the Board of Directors and Officers of Enphase Energy, Inc. (NASDAQ: ENPH) for potential breach of fiduciary duty. On June 17, 2020, a securities class action lawsuit was filed. The ENPH lawsuit alleges that materially false and/or misleading statements were made and/or ENPH failed to disclose that: (1) its revenues, both U.S. and international, were inflated; (2) it engaged in improper deferred revenue accounting practices; (3) it reported base points expansion in gross margins were overstated; and (4) it made public statements that were materially false and misleading.
On June 17, 2020, research firm Prescience Point published a report indicating that "[a]t least $205.3m of ENPH’s reported FY19 US revenue is fabricated, and a significant portion of its international revenue is fabricated as well." Around the same time, Prescience Point noted that Enphase insiders sold off $120.9 million in stock at inflated prices. The price of Enphase shares plummeted over 25% after this report was released.
Our law firm is investigating ENPH’s Board of Directors and Officers for potential breach of fiduciary duty to shareholders.
If you are a current shareholder of Enphase who still holds your stock, please contact us to review or discuss your legal rights. You may, without obligation or cost to you, email firstname.lastname@example.org or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm with experience handling securities, hedge fund, ERISA and other shareholder class action and derivative litigation. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
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