Enphase Energy Inc. executives didn’t properly address competition in the European solar technology market, causing the stock’s biggest drop of the year and exposing it to a proposed class action, a shareholder derivative lawsuit says.
As cheaper Chinese products flooded the European market in 2023 and 2024, Enphase leadership downplayed the competition and overstated the strength of its pricing strategies, says shareholder Abdul Hirani in the complaint filed on Dec. 31 in the US District Court for the Northern District of California’s Oakland Division.
But on Oct. 27, 2023, Enphase reported softening demand in Europe had caused a 34% quarter-over-quarter ...
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