Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson Urges Investors Suffering Losses Over $100,000 In Enphase Energy (NASDAQ: ) To Contact Him Directly To Discuss Their Options

If you suffer losses in excess of $100,000 in Enphase Energy between April 25, 2023 and October 22, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Direct Josh Wilson on 877-247-4292 or 212-983-9330 (Ext. 1310).

(You can also click here for more information)

New York, New York–(Newsfile Corp. – January 18, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Enphase Energy, Inc . (“Enphase” or the “Company” ) (NASDAQ: ENPH) and reminds investors of February 11, 2025 deadline to seek the role of lead plaintiff in a federal securities class action filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that the defendants were systematically overcharged. the Company’s ability to maintain price levels and market share for microinverter products. in Europe in the face of competition from cheap Chinese alternatives.

It was April 25, 2023, when the Company announced its first quarter 2023 financial results. Among other things, Enphase reported an approximately 25% year-over-year increase in revenue in Europe. During the accompanying quarterly investor earnings call held the same day, Defendant Badrinarayanan Kothandaraman, the Company’s President and Chief Executive Officer, stated that Enphase’s “European business is growing strongly,” with “sales of our microinverters in Europe reached an all time high” in the quarter. When asked specifically about European competition from Chinese manufacturers and the risk of margin erosion due to price cuts from competitors, Defendant Raghuveer Belur, a co-founder of the Company and the Senior The company’s Vice President and Chief Products Officer, dismissed such concerns, saying “(c) competition is strong everywhere” and “nothing new (in Europe),” while admitting Defendant Kothandaraman that Enphase does not “see any drop in (this) price.”

Later on October 26, 2023, the Company reported an approximately 34% quarter-over-quarter decline in European revenue in the third quarter of 2023 due to “softening demand.” During the accompanying quarterly investor earnings call held on the same day, Defendant Kothandaraman was adamant that the Company will not adjust its pricing strategies, despite countervailing competitive market forces, stressing that ” there is no broad-based price adjustment from us.”

In response to declining profits in Europe and Defendant Kothandaraman’s unwillingness to consider price changes, BofA Securities analysts reiterated their negative rating on the stock and criticized the Company for refusing to cut prices to maintain market share, as “competitive risks” plague Europe. .

On this news, the price of Enphase common stock decreased $14.09 per share, or nearly 15%, from the closing of $96.18 per share on October 26, 2023, to $82.09 per share on October 27, 2023.

Finally, on October 22, 2024, the Company announced its third quarter 2024 financial results and revealed an approximately 15% quarter-over-quarter decline in revenue in Europe due to “further softening to the needs of Europe.” During the accompanying quarterly investor earnings call held the same day, Defendant Kothandaraman was again asked if, given the Company’s weakness in Europe, Enphase would change its pricing strategy. While he acknowledged that the Company sometimes makes customer-specific price concessions, Defendant Kothandaraman reiterated that “we are not dropping prices anywhere,” despite the prevailing competition.

In response to Enphase’s 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 at less than half (Enphase) levels.”

On this news, the price of Enphase common stock decreased $13.76 per share, or nearly 15%, from the closing of $92.23 per share on October 22, 2024, to $78.47 per share on October 23, 2024.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is substantially and generally among the class members managing and managing the litigation on behalf of the purported class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a non-class member. Your ability to share in any recovery is not affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Enhpase’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

Follow us for updates on LinkedIn, on X, or on Facebook (NASDAQ:).

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict similar results with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated confidentially.

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/237496