Enphase Energy, Inc. (ENPH) Investors: February 11, 2025 Deadline to File Securities Class Action

RADNOR, PA – (NewMediaWire) – January 4, 2025 – The law firm of Kessler Topaz Meltzer & Check, LLP is informing investors that the firm has filed a fraud lawsuit against Enphase Energy, Inc. (NASDAQ: NASDAQ:) (Enphase or the Company) on behalf of all persons and entities that purchased or otherwise acquired Enphase common stock between April 25, 2023, and October 22, 2024, inclusive (the Class Period). The action, entitled The Trustees of the Welfare and Pension Funds of Local 464A – Pension Fund v. Enphase Energy, Inc., et al. , case 3:24-cv-09038, was filed in the United States District Court for the Northern District of California.

Important Deadline Reminder: Investors who purchased or acquired Enphase common stock during the Class Period, no later than February 11, 2025, may move the Court to act as the lead plaintiff for the class.

CONTACT KESSLER TOPAZ MELTZER & HLOLA, LLP:

If you have lost Enphase, you CAN CLICK HERE or go to:

You can contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com.

THEY ARE NOT SURPRISED TO BE BEHAVIORAL

Enphase develops, manufactures, and sells solar microinverters, which are used primarily in residential solar installations to convert solar panel output from direct current to alternating current (which can be fed into the power grid). As is relevant here, Enphases’ international revenue has been growing in recent years as the Company expands globally, especially in Europe, with international revenue accounting for more than 35% of the Company’s total revenue by 2023.

Before the start of the Class Period, Chinese solar companies were seriously disrupting the European solar inverter market by selling or dumping their products at very low prices, a fact highlighted Morgan Stanley (NYSE:) Research on April 24, 2023, where it reports that the value of Chinese inverter exports increased by 156% year-on-year internationally, while the Netherlands and Germanytwo of Enphases important markets in Europe show a year-on-year increase of 342% and 330%, respectively.

The Class Period begins on April 25, 2023, when the Company announces its financial results for the first quarter of 2023. Among other things, Enphase reported a nearly 25% year-over-year increase in European revenue. During a quarterly earnings call with investors on the same day, Defendant Badrinarayanan Kothandaraman, Company President and Chief Executive Officer, revealed that Enphases European business is growing rapidly, with sales of our microinverters in Europe reaching.[ing] an all-time high for the quarter. When asked specifically about competition in Europe from Chinese manufacturers and the risk of margin erosion caused by price cuts from competitors, Defendant Raghuveer Belur, the Company’s founder and Senior Vice President and Chief Product Officer of the Company, dismissed those concerns, saying [c]ompetition is strong everywhere and is nothing new [in Europe]while Defendant Kothandaraman said Enphase saw nothing [its] prices.

Investors began to learn the truth about Enphases’ competitive challenges in Europe after the market closed on October 26, 2023, when the Company reported a nearly 34% decline in European revenue in the third quarter of 2023 due to softening demand. . During the same day’s quarterly earnings call, Defendant Kothandaraman maintained that the Company will not adjust its pricing strategies, despite competitive market forces, insisting that no price adjustment is based on us.

In response to declining European revenues and Defendant Kothandaramans’ reluctance to consider price adjustments, BofA Securities analysts reiterated their underperformance rating for the stock and criticized the Company for refusing to lower prices in pursuit of market share, as competitive risks are tolerated in Europe. On this news, Enphase’s common stock price fell $14.09 per share, or approximately 15%, from a close of $96.18 per share on October 26, 2023, to a close of $82.09 per share on October 27, 2023. .

Throughout the remainder of the Class Period, Defendants continued to downplay competitive threats in the European solar inverter market and reassured investors that Enphases European pricing strategy was sound.

Investors learned the full truth about Enphases’ competitive position in Europe after the market closed on October 22, 2024, when the Company announced its financial results for the third quarter of 2024 and revealed a nearly 15% decline in the European quarter’s revenue due to continued softening . for European demand. During the same day’s quarterly earnings call, Defendant Kothandaraman was also asked whether, given the Company’s weakness in Europe, Enphase would change its pricing strategy. While admitting that the Company has occasionally agreed on customer-specific pricing, Defendant Kothandaraman reiterated that we do not cut prices anywhere, despite the competition.

In response to Enphases continued poor performance in Europe, Guggenheim downgraded Enphase stock to a sell rating from a neutral rating and explained that Enphase is losing share to Chinese competitors who are willing to sell less than half. [Enphase]s level. On this news, Enphase’s common stock price fell $13.76 per share, or approximately 15%, from a close of $92.23 per share on October 22, 2024, to a close of $78.47 per share on October 23, 2024. .

WHAT DO I DO?

Enphase Investors may, no later than February 11, 2025, move the Court to act as the lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or another attorney, or they may choose to do nothing and remain a non-class member. Kessler Topaz Meltzer & Check, LLP encourages Enphase investors with significant losses to contact the company directly for more information.

WHO CAN BE A LEADING PROFESSIONAL?

The lead plaintiff is the organization representing all the members of the class directing the lawsuit. The lead plaintiff is usually an investor or a small group of investors who have a significant financial interest and are sufficient and unusual in the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class attorneys. Your ability to participate in any recovery is not affected by whether or not you serve as the lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in federal and state courts across the country and around the world. The company has built a global reputation for excellence and has recovered billions of dollars from victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and neglect of businesses and trusts.

For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Explore, LLP

Jonathan Naji, Esq.

280 King of Prussia Road

Radnor, PA 19087

(484) 270-1453

info@ktmc.com

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