SMG - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Enphase Fat Brands Scotts and Gritstone and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Enphase Energy, Inc. (NASDAQ:ENPH), FAT Brands Inc. (NASDAQ:FAT), The Scotts Miracle-Gro Company (NYSE:SMG), and Gritstone bio, Inc. (NASDAQ:GRTS). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Enphase Energy, Inc. (NASDAQ:ENPH)
Class Period: February 7, 2023 - April 25, 2023
Lead Plaintiff Deadline: July 29, 2024
According to the complaint, defendants created the false impression that they possessed reliable information pertaining to the Company's projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations. In truth, Enphase had been experiencing a decrease in battery shipments to Europe and California, slowdown in battery deployment and adoption, longer transition period with NEM 3.0, and slower output of inverters manufactured by the new US base manufacturing lines. Defendants misled investors by providing the public with materially flawed revenue outlook for fiscal 2023.
Plaintiff alleges that on April 25, 2023, Enphase announced its first quarter earnings, stating revenue in the United States had decreased by approximately 9% attributing it to macroeconomic conditions. Additionally, defendants put out a weak second quarter outlook for 2023 where revenue was estimated to be within the range of $700 million to $750 million. On this news, the price of Enphase's common stock declined dramatically. From a closing market price of $220.60 per share on April 25, 2023, Enphase's stock price fell to $163.83 per share on April 26, 2023, a decline of nearly 26% in the span of just a single day.
For more information on the Enphase class action go to: https://bespc.com/cases/ENPH
FAT Brands Inc. (NASDAQ:FAT)
Class Period: March 24, 2022 - May 10, 2024
Lead Plaintiff Deadline: August 6, 2024
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants failed to disclose that Andrew A. Wiederhorn, the Company's Chairman and former CEO, had received improper payments from the Company, exposing FAT Brands to criminal liability; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
For more information on the Fat Brands class action go to: https://bespc.com/cases/FAT
The Scotts Miracle-Gro Company (NYSE:SMG)
Class Period: November 3, 2021 - August 1, 2023
Lead ...