Enphase(US:ENPH) Prnewswireยท2025-01-28 14:15Core Viewpoint - Enphase Energy, Inc. is facing a class action lawsuit for allegedly making false statements regarding its market position and financial performance, particularly in Europe, leading to significant stock price declines [3][4][5]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled "The Trustees of the Welfare and Pension Funds of Local 464A - Pension Fund v. Enphase Energy, Inc." and covers purchasers of Enphase Energy common stock from April 25, 2023, to October 22, 2024 [1]. - Investors have until February 11, 2025, to seek appointment as lead plaintiff in the lawsuit [1][6]. - The lawsuit alleges that Enphase Energy and its executives violated the Securities Exchange Act of 1934 by overstating the company's ability to maintain pricing and market share against low-cost competitors [3]. Group 2: Financial Performance and Stock Impact - Enphase Energy reported a 34% decrease in revenue in Europe for Q3 2023 compared to Q2 2023, attributed to softening demand in key markets [4]. - Following this announcement, Enphase Energy's stock price fell nearly 15% [4]. - In Q3 2024, the company announced a further 15% decrease in European revenue compared to Q2 2024, again linked to declining demand, resulting in another nearly 15% drop in stock price [5]. Group 3: Legal Process and Representation - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Enphase Energy stock during the class period to seek lead plaintiff status [6]. - The lead plaintiff will represent the interests of all class members and can choose a law firm for litigation [6]. Group 4: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a leading law firm specializing in securities fraud cases, having recovered $6.6 billion for investors in class action cases [7]. - The firm has been ranked 1 in securing monetary relief for investors in six out of the last ten years [7].