According to the Complaint, Enphase Energy, Inc. is a global energy technology company that “deliver[s] smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform.” The Company asserts that it “revolutionized the solar industry with [its] microinverter technology” and that it “produce[s] a fully integrated solar-plus-storage solution.”

The Complaint alleges that Enphase misrepresented and/or failed to disclose to investors that: (1) its revenues, both U.S. and international, were inflated; (2) the Company engaged in improper deferred revenue accounting practices; (3) the Company’s reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

On November 30, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 22, 2021. Defendants filed a Motion to Dismiss the amended Complaint on February 19. On August 17, the Court issued an Order granting the Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff filed a notice of intent not to file an amended Complaint, and on October 18, the Court dismissed the case with prejudice.