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SolarEdge Technologies, Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (NASDAQ: SEDG) securities between August 6, 2020 through October 19, 2022 (the “Class Period”). Investors have until January 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
SolarEdge provides solar power optimization and photovoltaic monitoring solutions.
 
On August 8, 2022, PV Magazine issued a news article titled “Ampt lawsuit asks that SolarEdge remove inverters and controllers from market” (“PV Magazine Article”), which reported a previously filed lawsuit filed by Ampt alleging that SolarEdge was infringing on one or more claims of Ampt’s patents. On this news, the price of SolarEdge shares declined by $12.39 per share, or approximately 3.93%, from $315.50 per share to close at $303.11 on August 8, 2022.
 
On August 29, 2022, the United States International Trade Commission (“ITC”) issued a press release informing that it voted to institute an investigation of SolarEdge in response to a complaint filed by Ampt LLC (“Ampt”), a competitor of SolarEdge, alleging that SolarEdge's (i) power optimizers for solar power systems, (ii) inverters for solar power systems, and (iii) components thereof infringed on one or more of Ampt's patents. On this news, the price of SolarEdge shares declined by $8.47 per share, or approximately 2.94%, from $287.93 per share to close at $279.46 on August 29, 2022.
 
On October 19, 2022, Judge Connolly of the District Court of Delaware stayed the Delaware Proceeding pending the findings of the ITC’s investigation. This Order apprised the investors of the fact that the Delaware Proceeding was likely to be directly impacted by the ruling of the ITC and will have a direct impact on the potential import ban of SolarEdge’s intellectual property. On this news, the price of SolarEdge shares declined by $7.96 per share, or approximately 3.84%, from $207.42 per share to close at $199.46 on October 19, 2022.
 
The lawsuit alleges that, throughout the Class Period, Defendants misled investors and/or failed to disclose that: (i) the designs of the power optimizers, inverters, and components thereof used to develop SolarEdge’s products potentially originated with and were misappropriated from Ampt; (ii) Ampt made claims against the Company for misappropriating Ampt’s patented technology, (iii) evidentiary support existed for the allegations that SolarEdge misappropriated certain patents relating to the design and development of the Company’s power optimizers and inverters; (iv) as a result, SolarEdge faced a threat of regulatory and/or court action, which could prohibit the import, marketing, and sale of its power optimizers and inverters, including solar energy systems that contain such products; which in turn (v) seriously threatened SolarEdge’s ability to monetize on their solar energy systems that contain the power optimizers and inverters in the United States and generate revenue; and (vi) certain revenues generated from the sale of power optimizers and inverters were potentially based on SolarEdge’s unlawful activities, including the misappropriation of patented designs by Ampt.
 

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