SolarEdge Allegedly Misled Investors on Europe Market Strength

SolarEdge Technologies Inc., its chief executive officer, and chief financial officer allegedly misled shareholders about the photovoltaic equipment company’s European business for five months, a proposed class action lawsuit says.

The solar energy company allegedly failed to disclose that the company’s European distribution channels had higher than optimal inventory, which caused cancellations and pushouts of existing backlogs from distributors in Europe, according to the complaint filed Nov. 3 in the US District Court for the Southern District of New York.

SolarEdge allegedly issued misleading disclosures and made statements touting the strength of its European business starting on May 3. ...