| COMPANY |
Enphase Energy, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-09038 |
| JUDGE |
The Hon. Jon S. Tigar |
| CLASS PERIOD |
April 25, 2023 through October 22, 2024 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a securities fraud class action lawsuit on behalf of all persons and entities that purchased or otherwise acquired Enphase Energy, Inc. (“Enphase” or the “Company”) (NASDAQ: ENPH) common stock between April 25, 2023 and October 22, 2024, inclusive (the “Class Period”).
The Class Period begins on April 25, 2023, when the Company announced its first quarter 2023 financial results. Among other things, Enphase reported an approximately 25% year-over-year increase in European revenue. During the accompanying quarterly investor earnings call held that same day, Defendant Badrinarayanan Kothandaraman, the Company’s President and Chief Executive Officer, touted that Enphase’s “European business is growing rapidly,” with “sell-through of our microinverters in Europe reach[ing] an all time high” in the quarter. When asked specifically about competition in Europe from Chinese manufacturers and the risk of margin erosion caused by price deflation from those competitors, Defendant Raghuveer Belur, a Company co-founder and the Company’s Senior Vice President and Chief Products Officer, dismissed such concerns, stating that “[c]ompetition is strong everywhere” and is “nothing new [in Europe],” while Defendant Kothandaraman claimed that Enphase does not “see any drop in [it’s] pricing.”
Investors fully learned the truth about Enphase’s competitive positioning in Europe after the market closed on October 22, 2024, when the Company 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 the accompanying quarterly investor earnings call held that same day, Defendant Kothandaraman was again asked whether, in light of the Company’s weakness in Europe, Enphase would alter its pricing strategy. While he acknowledged that the Company had occasionally made customer-specific price concessions, Defendant Kothandaraman reiterated that “we are not dropping pricing anywhere,” despite prevailing competitive headwinds.
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, 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.
Current Status of Case:
On August 20, 2025, the Court appointed Lead Plaintiff and Lead Counsel. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.