Enphase Energy, Inc. (ENPH) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of Enphase Energy, Inc. (NASDAQ: ENPH).  Investors who purchased ENPH securities between February 26, 2019, and June 17, 2020, that are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.

The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested ENPH shareholders have until August 17, 2020, to apply to be a lead plaintiff.

According to the Complaint, Enphase Energy, Inc. is a global energy technology company that “deliver[s] smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform.” The Company asserts that it “revolutionized the solar industry with [its] microinverter technology” and that it “produce[s] a fully integrated solar-plus-storage solution.”

The Complaint alleges that Enphase failed to disclose to investors that: (1) its revenues, both U.S. and international, were inflated; (2) the Company engaged in improper deferred revenue accounting practices; (3) the Company’s reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

Investors who suffered a loss in Enphase Energy, Inc. that are interested to learn more about the lead plaintiff process are encouraged to submit their information here, by email at shareholder@tenlaw.com, or by calling 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

United States Oil Fund, LP (USO) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of United States Oil Fund, LP (NYSE: USO).  Investors who purchased USO securities between March 19, 2020 and April 28, 2020, that are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.

The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested USO shareholders have until August 18, 2020, to apply to be a lead plaintiff.

According to the Complaint, the United States Oil Fund, LP (“USO”) is an exchange traded fund purportedly designed to track the daily changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma. Because retail investors are generally not equipped to buy and sell barrels of oil or authorized to trade oil futures, ETFs such as USO provide one of the primary means that such investors can gain exposure to fluctuations in oil prices.

The Complaint alleges that on March 19, 2020, Defendants filed with the SEC the Registration Statement on Form S-3 to register USO shares for the Offering, which, after amendment, was declared effective March 23, 2020. The Complaint alleges that numerous representations to investors in the Registration Statement were materially false and misleading when made and that the Registration Statement also failed to provide any specifics regarding the effects of the COVID-19 pandemic, instead merely listing “pandemics such as COVID-19” among a laundry list of general market “events or conditions” that “may adversely impact the demand for crude oil.”

It is alleged that during the Class Period, Defendants disseminated or approved false or misleading statements and failed to disclose adverse facts known to them about USO. The Complaint further alleges that Defendants’ fraudulent scheme and course of business: (i) deceived the investing public regarding USO’s business, prospects and risks; (ii) artificially inflated the prices of USO securities; and (iii) caused plaintiff and other members of the Class to purchase USO securities at artificially inflated prices.

Investors who suffered a loss in United States Oil Fund, LP that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting their information here, by email at shareholder@tenlaw.com, or calling 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Casper Sleep, Inc. (CSPR) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of Casper Sleep, Inc. (NYSE: CSPR). Investors who purchased or otherwise acquired publicly traded CSPR securities in or traceable to the Company’s initial public offering conducted on or around February 7, 2020, (the “IPO”), and are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.

The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested CSPR shareholders have until August 18, 2020, to apply to be a lead plaintiff.

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation.

Specifically, the Complaint alleges the Offering Documents failed to disclose that:

  1. Casper’s profit margins were actually declining, rather than growing
  2. Casper was changing an important distribution partner, costing it 130 basis points of gross margin in the first quarter of 2020 alone
  3. Casper was holding a glut of old and outdated mattress inventory that it was selling at steeply discounted clearance prices, further impairing the Company’s profitability
  4. Casper was suffering accelerating losses, further placing its ability to achieve positive cash flows and profitability out of reach
  5. Casper’s core operations were not profitable, but were causing the Company to suffer over $40 million in negative cash flows during the first quarter of 2020 alone and doubling its quarterly net loss year over year
  6. As a result of the foregoing, Casper’s ability to achieve profitability, implement its growth initiatives, and expand internationally had been misrepresented in the Offering Documents, as the Company needed to shutter its European operations, halt all international expansion, jettison over one fifth of its global corporate workforce, and significantly curtail new store openings in order to avoid an imminent cash and liquidity crisis, let alone achieve positive operating cash flows; and
  7. As a result of the foregoing, Casper’s revenue growth rate was not sustainable and had not positioned the Company to achieve profitability.

Investors who suffered a loss in Casper Sleep, Inc. that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting their information here, by email at shareholder@tenlaw.com, or by calling 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Luckin Coffee (LK) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP announces that it is investigating possible claims on behalf of shareholders of Luckin Coffee (NASDAQ: LK). Investors who purchased Luckin Coffee stock between May 7, 2019 and April 6, 2020 that are interested to learn more about their potential claims and legal rights are encouraged to submit their information above. Shareholders may also contact Thornton Law Firm at https://www.tenlaw.com/cases/LK/, or call 617-531-3917.

Luckin Coffee is a chain of coffee stores with more than 3500 locations in China. On April 2, 2020, Luckin announced that it was suspending its Chief Operating Officer and several other employees for misconduct related to the fabrication of sales or transactions. In a press release, Luckin announced that it was forming a special committee of the Board of Directors to oversee an internal investigation into certain issues raised to the Board’s attention during the audit of the consolidated financial statements for the fiscal year ended December 31, 2019.

The Company’s press release stated: “The information identified at this preliminary stage of the Internal Investigation indicates that the aggregate sales amount associated with the fabricated transactions from the second quarter of 2019 to the fourth quarter of 2019 amount to around RMB 2.2 billion. Certain costs and expenses were also substantially inflated by fabricated transactions during this period.” Renminbi is the official currency of China; 2.2 billion is equivalent to approximately $310 million.

The Company also stated: “As a result, investors should no longer rely upon the Company’s previous financial statements and earning releases for the nine months ended September 30, 2019 and the two quarters starting April 1, 2019 and ended September 30, 2019….”

Luckin Coffee’s stock price plummeted after this news was made public. Investors who purchased LK stock between May 7, 2019 and April 6, 2020 that are interested to learn more about their potential claims and legal rights are encouraged to submit their information below. Shareholders may also contact Thornton Law Firm at https://www.tenlaw.com/cases/lk/, or call 617-531-3917.

Thornton Law Firm’s securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Thornton Law Firm LLP is located at One Lincoln St., 13th fl., State Street Financial Center, Boston, MA 02111

Inovio Pharmaceuticals (INO) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action on behalf of shareholders who purchased the securities of Inovio Pharmaceuticals. The investigation involves possible violations of the federal securities laws.

Inovio shareholders who purchased or acquired Inovio stock (NYSE ticker: INO) between February 14, 2020 and March 9, 2020, that are interested in learning about the lead plaintiff process and their potential rights to recover in a securities class action lawsuit pending against Inovio, are encouraged to contact Thornton Law Firm by emailing shareholder@tenlaw.com or call 617-531-3933.

Interested INO shareholders have until May 12, 2020 to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member.

According to the lawsuit, Defendants capitalized on widespread COVID-19 fears by falsely claiming that Inovio Pharmaceuticals, Inc. had developed a vaccine for COVID-19. The suit alleges that on February 14, 2020, Inovio CEO J. Joseph Kim appeared on Fox Business News and stated that Inovio had developed a COVID-19 vaccine. It is alleged that two weeks later, following a well-publicized March 2, 2020 meeting with President Trump to discuss the COVID-19 outbreak, Defendant Kim again claimed that Inovio had developed a COVID-19 vaccine. The market allegedly responded favorably to Kim’s statement and Inovio’s stock price more than quadrupled from $4.28 per share on February 28, 2020, and continued to increase in the following weeks, reaching an intra-day high of $19.36 on March 9, 2020.

The lawsuit alleges that Inovio had not developed a COVID-19 vaccine. The lawsuit states that on March 9, 2020, before trading commenced, Citron Research exposed Defendants’ misstatements, calling for an SEC investigation into the Company’s claim. In response, Inovio’s stock price plummeted from its March 9 opening price of $18.72 per share to close at $9.83. The following day, March 10, 2020, Inovio’s stock price fell from its $9.30 per share opening price to close at $5.70 per share.

If you purchased or otherwise acquired Inovio stock (NYSE: INO) between February 14, 2020 and March 9, 2020, you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team by submitting your contact information by emailing shareholder@tenlaw.com or call 617-531-3933.

Thornton Law Firm’s securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.


Thornton Law Firm LLP is located at One Lincoln St., 13th fl., State Street Financial Center, Boston, MA 02111.

$14M SEC Whistleblower Award: New Era Of Combating Financial Fraud

By Michael A. Lesser, Esq. 

Posted on Oct 2, 2013

The Securities and Exchange Commission (“SEC”) just announced an award of more than $14 million to a single whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds. This is the largest award to date under the SEC’s enhanced whistleblowing provisions established under the Dodd-Frank Act in 2011. The whistleblower program rewards high-quality original information that results in an SEC enforcement action with sanctions exceeding $1 million. Awards to the whistleblowers providing the tips can range from 10 percent to 30 percent of the money the SEC collects.

Yesterday’s award heralds a new focus by the SEC to combat serious financial fraud. For months, news concerning the whistleblowing program speculated that the SEC would be announcing several large whistleblower awards. The $14 million award to the anonymous whistleblower may be the first of a growing number of successful enforcement actions. The SEC is heavily focused on certain kinds of fraud, including insider trading, fraud by publicly traded companies, fraud by brokers and investment advisors, ponzi schemes, and any other fraudulent schemes affecting investors and the securities markets. In addition, the SEC has enforcement authority under the Foreign Corrupt Practices Act (the FCPA), which prohibits publicly-traded companies from bribing foreign officials, and whistleblowers with information concerning FCPA violations are also eligible for awards. Although cases differ, the SEC uses the following factors to determine the amount of the reward to the whistleblower in a successful case: (1) the significance of the information provided by the whistleblower; (2) the degree of assistance provided by the whistleblower; and (3) the interest of the SEC in deterring violations of securities laws. Whistleblower claims can be filed anonymously and whistleblowers are not required to have worked at the company that committed the SEC violation.

In this case, the whistleblower provided original information and assistance that allowed the SEC to investigate an enforcement mater more quickly than otherwise would have been possible. The SEC brought the enforcement action against the perpetrators of the fraud less than 6 months after the whistleblower’s tip.

Thornton Law Firm represents whistleblowers who file tips under the SEC’s whistleblowing provisions. If you have questions about SEC whistleblowing, contact us here or call us at

. A Thornton Law Firm attorney will be happy to speak with you and answer any questions you may have.a

Contact Us