According to the Complaint, Enphase Energy, Inc. is an energy technology company that designs, develops, manufactures, and sells solar micro-inverters, battery energy storage and EV charging stations in the United States and internationally. The Company also provides microinverter units and related accessories, an IQ gateway; IQ batteries; the cloud-based Enlighten monitoring service, as well as design, proposal, permitting, and lead generation services. The Company sells its solutions to solar distributors and directly to large installers, original equipment manufacturers, strategic partners, and homeowners.

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants were providing overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning decrease in battery shipments to Europe and California, causing Plaintiff and other shareholders to purchase Enphase’s securities at artificially inflated prices during the Class Period.

Plaintiff voluntarily dismissed this case on July 23, 2024. A related case continues under Docket 24-CV-04249.

On March 31, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on May 21 and corrected the Amended Complaint on May 23.