NEW YORK CITY, NY / ACCESS Newswire / February 18, 2026 / Pomerantz LLP announces that a class action lawsuit has been filed against Enphase Energy, Inc. ("Enphase" or the "Company") (NASDAQ:ENPH) and certain officers.â?¯â?¯ The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-01380, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Enphase securities between April 22, 2025 and October 28, 2025 both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired Enphase securities during the Class Period, you have until April 20, 2026, to ask the Court to appoint you as Lead Plaintiff for the class.â?¯ A copy of the Complaint can be obtained at www.pomerantzlaw.com. â?¯To discuss this action, contact Danielle Peyton at newaction@pomlaw.comâ?¯or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.â?¯
[Click here for information about joining the class action]
Enphase is a global energy technology company founded in March 2006, focusing on solutions for solar generation, storage, and communication. To boost its growth, 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. At all relevant times, when Enphase reported its revenue or provided revenue guidance, it broke out "safe harbor revenue", which it defines as "sales made to customers who plan to install Enphase’s products over more than a year".
At all relevant times, expenditures on solar products, including Enphase’s product offerings, were eligible for favorable tax treatment in the United States ("U.S."). As relevant here, 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, which provided that the 25D Credit would terminate later that year, after the Class Period ended. 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. Homeowners who purchased clean energy products, including various Enphase products, before the new termination date would still be able to claim the 25D Credit.
The Complaint alleges that, throughout the Class Period, Defendants 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; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On October 28, 2025, 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 15.15%, to close at $31.14 per share on October 29, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. â?¯Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
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