News Page
Published March 31, 2026
Enphase told investors it could control its destiny.
New products. Inventory discipline. Optimistic commentary about demand despite tax credit changes.
It sounded steady. Strategic. Safe.
On April 22,2025, Enphase emphasized discipline in managing channel inventory and introducing new products. In July, after Congress moved up the expiration of the 25D solar tax credit, executives painted an optimistic picture that demand would hold up. In August, Enphase announced new safe harbor agreements and said the channel was in “very good shape.”
The lawsuit alleges that behind the scenes channel inventory was higher than investors were led to believe. And millions in so called safe harbor revenue were pulled forward from the fourth quarter to the third.
Then on October 28, 2025, the truth landed. Revenue guidance was slashed. Shipments were being cut to clear excess inventory. Management warned of a sharp drop ahead.
The stock fell about 15% in a single day. Investors were stunned. Now, more shareholders are joining the lawsuit.