Why Enphase Energy's Shares Dropped 18.3% in June
Shares of inverter manufacturer Enphase Energy (NASDAQ: ENPH) fell 18.3% in June, according to data from S&P Global Market Intelligence after a short-seller report questioned the company's financials.
In mid-June, Prescience Point Capital Management released a report that called Enphase Energy's financials into question and sent shares sharply lower. In the most damning part of the report, Prescience Point says that "we believe that at least 39%, or $205.3 million, of ENPH's reported U.S. revenue is fabricated." That's a huge claim, even for a short seller. I'll point out, though, that shares have now recovered most of the losses from the initial sell-off the report caused.
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Source Fool.com
