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RADNOR, PA – (NewMediaWire) – January 4, 2025 – The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that the firm has filed a securities fraud class action lawsuit against Enphase Energy, Inc. (NASDAQ: NASDAQ:) (Enphase or the Company) on behalf of all persons and entities that purchased or acquired Enphase common stock between April 25, 2023, and October 22, 2024, inclusive (Class Period). This 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 Date Reminder: Investors who purchased or acquired Enphase common stock during the August Stock Exchange, prior to February 11, 2025, may refer the Court to act as the lead plaintiff in the class.
Contact KESSLER TOPAZ MELTZER & CHECK, LLP:
If you lost Enphase, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/enphase-energy-inc-class-action?utm_source=PR&utm_medium=link&utm_campaign=enph&mktm=r
You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com.
BEHAVIOR CONSULTANT
Enphase develops, manufactures, and markets solar microinverters, which are widely used in residential solar systems to convert solar panel output from alternating current to alternating current. – variable (which can be transferred to the power grid). As is relevant here, Enphases’ international revenue has been growing in recent years as the Company expands globally, particularly in Europe, with international revenue accounting for more than 35% of the company’s total revenue. Companies in 2023.
Before the start of the Group Era, Chinese solar companies were seriously undermining the European solar market by selling or dumping their products at very low prices, a fact highlighted by Morgan Stanley (NYSE:) Research on April 24, 2023, reported that the value of Chinese exports increased by 156% year-on-year internationally, with the Netherlands and Germanytwo of Enphases’ key markets in Europe showing an annual performance of 342% and 330%, respectively.
The Group’s term 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 revenue Europe. During a quarterly earnings call for investors held the same day, Defendant Badrinarayanan Kothandaraman, the Company’s President and Chief Executive Officer, said that Enphases’ business in Europe is growing rapidly, with sales of our European microinverters reach an all-time high. in a quarter. When asked specifically about European competition from Chinese manufacturers and the risk of network erosion caused by price cuts from those competitors, Defendant Raghuveer Belur, co-founder of the Company and The Vice President and Chief Product Officer of the Companies, dismissed such concerns, saying (c) competition is strong everywhere and it is nothing new (in Europe), while the Defendant Kothandaraman said that Enphase does not see a drop in (its) prices.
Investors began to learn the truth about Enphases Europe’s competitive challenges after the market closed on October 26, 2023, when the Company reported a nearly 34% quarter-on-quarter decline in European revenue in the third quarter of 2023 due to reduced demand. . During the corresponding quarterly earnings call held on the same day, Defendant Kothandaraman was adamant that the Company would not change its pricing strategies, despite the market’s anti-market sentiment. Please note that there is no extensive price adjustment from us.
In response to the decline in European currency and Defendant Kothandaramans unwillingness to consider price changes, BofA Securities analysts reiterated their underperforming rating on the stock and criticized the Company for refusing to cut prices. to pursue market share, as competitive risks persisted in Europe. In this news, the price of Enphase common stock decreased by $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.
Throughout the remainder of the Class Period, Defendants continued to downplay competitive threats in the European solar market and assured investors that Enphases Europe’s pricing strategy was reasonable.
Investors learned the full truth about Enphases Europe’s competitive position after the market closed on October 22, 2024, when the Company announced its financial results for the third quarter of 2024 and revealed a decrease of approximately 15% of a quarter more than a quarter of European taxes due to increased flexibility. by European demand. During a quarterly earnings call for investors held the same day, Defendant Kothandaraman was asked again whether, due to the Company’s weakness in Europe, Enphase would change its pricing strategy. While admitting that the Company sometimes made special customer price deals, Defendant Kothandaraman reiterated that we do not cut prices anywhere, despite the strong competitive environment.
In response to Enphases continued poor performance in Europe, Guggenheim downgraded Enphases stock to sell from neutral and stated that Enphase is losing share to Chinese rivals who intend to sell less than half (Enphase) s. In this news, the price of Enphase common stock decreased by $13.76 per share, or about 15%, from $92.23 per share on October 22, 2024, to close at $78.47 per share on October 23 2024.
WHAT CAN I DO?
Enphase Investors may, prior to February 11, 2025, have the Court act as lead class plaintiff, through Kessler Topaz Meltzer & Check, LLP or other counsel, or they may choose to do nothing and remain a member of the absent group. Kessler Topaz Meltzer & Check, LLP encourages Enphase investors who lost power to contact the firm directly for more information.
WHO CAN BE A CLAIMANT?
The lead plaintiff is the representative who represents all the members of the class to conduct the case. The lead plaintiff is usually an investor or a small group of investors who have a significant financial interest and who are also equal and common to the proposed class of investors. The lead plaintiff appoints counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to participate in any recovery is not affected by whether or not you will serve as the lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class actions in federal and state courts throughout the country and around the world. The firm has an international reputation and has recovered billions of dollars for victims of fraud and other business disputes. All of our work is driven by one goal: to protect investors, customers, employees and others from fraud, abuse, misconduct and negligence by businesses and individuals.
For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
LEARN:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com
May be considered a marketing attorney in certain areas. Past results do not guarantee future results.
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