HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Enphase Energy (ENPH) Investors to Contact its Attorneys: Firm Investigating Possible Securities & Accounting Fraud
SAN FRANCISCO, June 17, 2020 /PRNewswire/ — Hagens Berman urges investors in Enphase Energy, Inc. (NASDAQ: ENPH) to submit their losses now. The firm is investigating possible securities fraud and certain investors may have valuable claims.
Enphase Energy (ENPH) Investigation:
The investigation focuses on whether Enphase fabricated its revenue.
Enphase is a high flying solar company. In past quarters, the Company has touted its over 100% year-over-year revenue growth and «all time record for gross margin.» In turn, the Company’s stock has soared as much as 10,700% from its 2017 low of 65 cents.
But on June 17, 2020, research firm Prescience Point alleged that «Enphase’s regulatory filings cannot be trusted.» Prescience Point stated «that at least 39%, or $205.3 million, of Enphase’s reported US revenue is fabricated.» Prescience Point cites accounts from former Enphase employees based in India, who confirmed that «a large portion of Enphase’s astronomical growth over the past two years is attributable to accounting gimmicks that artificially inflate revenue and profits.» Additionally, Prescience Point said it received data from 70% of Enphase’s U.S. distributors showing lower-than-reported growth. Prescience also noted since the start of June, Enphase insiders have unloaded $120.9 million in stock.
In response, the price of Enphase shares plummeted over 25% on June 17, 2020.
«We’re focused on investors’ losses and determining whether Enphase misreported revenues,» said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Enphase and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Enphase should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP