Overview

A class action lawsuit has been filed against Enphase Energy, Inc., (“Enphase,” or the “Company”) (NASDAQ : ENPH) and certain of the Company’s senior executive officers (collectively, “Defendants”) alleging violations of federal securities laws. The Enphase lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Enphase securities between April 22, 2025, and October 28, 2025, inclusive (the “Class Period”). Investors have until April 20, 2026, to seek appointment as lead plaintiff of the Enphase class action lawsuit.

Enphase is a global energy technology company focusing on solutions for solar generation, storage, and communication. Enphase partners with solar and battery financing companies that offer arrangements of third-party ownership of solar and battery products to homeowners, such as lease and power purchase agreements.

Prior to and during the Class Period, expenditures on Enphase’s solar product offerings were eligible for favorable tax treatment in the U.S. The Residential Clean Energy Credit pursuant to Internal Revenue Code Section 25D (the “25D Credit”) allowed homeowners to deduct 30% of costs of clean energy property they installed at their homes. However, on July 4, 2025, U.S. President Donald Trump signed into law the One Big Beautiful Bill Act (“OBBB”), which provided that the 25D Credit would terminate later that year. Instead of terminating on December 31, 2032, as it would have as originally enacted, the 25D Credit would now terminate seven years earlier on December 31, 2025.

The lawsuit alleges that Enphase made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Enphase overstated its ability to manage its channel inventory; (ii) Enphase overstated its ability to mitigate effects arising from the termination of the 25D Credit; (iii) accordingly, Enphase overstated its financial and operational prospects.

The truth was revealed on October 28, 2025, when Enphase reported its financial results for the third quarter of 2025 and held a related earnings call. Among other items, Enphase’s management reported that it expected 2025 to close on a weak note, with elevated channel inventory resulting in lower battery storage shipments in the fourth quarter, and that the expiration of the 25D Credit would negatively impact revenues for the first quarter of 2026. On this news, Enphase’s stock price fell $5.56 per share, or more than 15%, to close at $31.14 per share on October 29, 2025.

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If you purchased or otherwise acquired Enphase securities between April 22, 2025, and October 28, 2025, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Enphase lawsuit is April 20, 2026.