According to the Complaint, Enphase Energy, Inc. is a global energy technology company that “deliver[s] smart, easy-touse solutions that manage solar generation, storage and communication on one intelligent platform.” The Company asserts that it “revolutionized the solar industry with [its] microinverter technology” and that it “produce[s] a fully integrated solar-plus-storage solution.”

The Complaint alleges that Enphase misrepresented and/or failed to disclose to investors that: (1) its revenues, both U.S. and international, were inflated; (2) the Company engaged in improper deferred revenue accounting practices; (3) the Company’s reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.