NEW YORK, Dec. 27, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ: ENPH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether ENPH and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until February 11, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired DMC securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
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, President and Chief Executive Officer (“CEO”) Badrinarayanan Kothandaraman insisted that the Company would not adjust its pricing strategies, despite countervailing competitive market forces, emphasizing that “there’s no broad-based pricing adjustment from us.”
On this news, Enphase’s stock price fell $14.09 per share, or 14.65%, 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 an accompanying earnings call that same day, CEO Kothandaraman acknowledged that the Company had occasionally made customer-specific price concessions but reiterated that “we are not dropping pricing anywhere,” despite prevailing competitive headwinds.
On this news, Enphase’s stock price fell $13.76 per share, or 14.92%, to close at $78.47 per share on October 23, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
