According to the Complaint, Enphase Energy, Inc. develops, manufactures, and sells solar microinverters, which are primarily used in residential solar installations to convert solar panel output from direct current to alternating current. Once converted, the alternating current power can be transferred to the power grid. Enphase primarily sells its products “to solar distributors who combine [the Company’s] products with others, including solar modules products and racking systems.” This lawsuit was filed against Enphase and two of its Officers.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, the Complaint alleges Defendants systematically overstated the Company’s ability to maintain its pricing levels and market share for microinverter products in Europe in the face of competition from low-cost, Chinese alternatives. As a result of Defendants’ alleged wrongful acts and omissions, Plaintiff and other members of the Class purchased Enphase’s securities at artificially inflated prices during the Class Period.