(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Dec. 26, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors who purchased Enphase Energy, Inc. (“Enphase” or the“Company”) (NASDAQ:ENPH ) securities to contact Thomas W. Elrod of Kirby McInerney LLP by email at ... , or fill out the contact form below, to discuss your rights or interests with respect to the securities fraud class action lawsuit against the Company.
[CONTACT FORM ]
The lawsuit was filed on behalf of investors who acquired Enphase securities from April 25, 2023, through October 22, 2024 (“the Class Period”). Investors have until February 11, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On October 26, 2023, Enphase reported an approximately 34% quarter-over-quarter decline in European revenue in the third quarter of 2023 due to“softening in demand.” During the accompanying quarterly investor earnings call held that same day, the Company's CEO, Badrinarayanan Kothandaraman, asserted that Enphase would not adjust its pricing strategies, despite countervailing competitive market forces, emphasizing that“there is no broad-based pricing adjustment from us”.. On this news, the price of Enphase stock fell $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.
Then, on October 22, 2024, Enphase announced its third quarter 2024 financial results and revealed an approximately 15% quarter-over-quarter decline in European revenue due to“further softening in European demand.” During the accompanying quarterly investor earning call held that same day, Kothandaraman was again asked whether, considering Enphase's weakness in Europe, that the Company would alter its pricing strategy. Kothandaraman reiterated that“we are not dropping pricing anywhere,” despite prevailing competitive headwinds. On this news, the price of Enphase stock declined $13.76 per share, or approximately 15%, from $92,23 per share on October 22, 2024, to close at $78.47 per share on October 23, 2024.
The Complaint alleges that defendants, throughout the Class Period, systematically overstated the Company's ability to maintain its pricing levels and market share for microinverter producers in Europe in the face of competition from low-cost, Chinese alternatives.
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Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website .
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
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