Enphase Energy Inc (NASDAQ: ENPH) shares plummeted 23.2% on Wednesday after short seller Prescience Point released a new report alleging fraudulent accounting practices and predicting Enphase will ultimately be delisted.In the new report, Prescience Point claims Enphase has fabricated financial statements and SEC filings."Based on our research, we estimate that at least $205.3m of its reported US revenue in FY 2019 was fabricated. Based on statements provided by former employees and other solar industry participants, it appears that the Company inflated its international revenue significantly as well," Prescience Point alleges.In addition, the firm claims a significant portion of Enphase's gross margin expansion from the second quarter of 2017 to the first quarter of 2020 is fraudulent.Investigation Findings: Prescient Point called for regulators to investigate Enphase's accounting practices and claimed a third-party investigation of Enphase's India business revealed the following troubling findings: * Enphase is allegedly using an India-based team to carry...
Bipartisan legislation introduced in the Senate Tuesday would reform the way the Federal Aviation Administration certifies aircraft after investigations found problems with how the Boeing Co (NYSE: BA) 737 MAX was deemed airworthy before it suffered two mass-casualty crashes.The Aircraft Safety and Certification Reform Act of 2020 would address a number of issues related to the manufacture of commercial aircraft, most notably incorporating human factors in assessments of pilot responses to cockpit alerts and requiring more FAA oversight of the certification process. Boeing designed the MAX with new software designed to compensate for a more aerodynamic design that might cause the aircraft to stall during takeoff, but pilots were not fully briefed about its automated override function. Boeing engineers assumed they would be able to react to warning signals and take control of the plane. Instead, pilots were overwhelmed by too much warning information and couldn't make a decision in time, safety experts...
2020 has seen a wave of chaos hit the stock market. Now, you can add the shenanigans surrounding bankrupt car rental company Hertz (HTZ) to the list, too.After filing for bankruptcy last month, perplexingly, Hertz stock soared by more than 1,200%, mostly as a result of speculative investors piling in on a penny stock’s momentum play. However, since peaking on June 9, the volatility has been off the charts. Last week, in sequential sessions, the stock dropped by 24%, 40%, 18%, and then climbed 37% higher following news that Hertz had inexplicably received the go ahead to issue up to $1 billion in new stock.Stunning Wall Street, Hertz was delisted from the NYSE, which has led to the coining of a new term: the IBO – Initial Bankruptcy Offering.The volatility continued on Monday as Hertz shares dropped by 33% following management’s admission in an 8-K filing that the additional $500 million...
(Bloomberg) -- Moderna Inc. executives have been continuing a slow unwind of their positions -- even though a lockup remains in place until Thursday.After a $1.3 billion share sale in May, the vaccine developer’s second cash raise this year, early investors and Moderna management were once again restricted from selling shares. On June 18, those insiders will get a fresh chance to cash in on Moderna’s stratospheric rise, but similar to the prior offering, a handful of the company’s executives have already taken advantage of another way to sell: 10b5-1 trading plans.The plans let insiders trade their shares at predetermined times or prices. These types of arrangements have faced scrutiny in the past over their potential to aid executives in getting around insider-trading laws. It’s not clear if the shares recently sold are subject to the lockup.Chief Executive Officer Stephane Bancel has sold about 293,000 shares since the start of the...
Amana Mutual Funds Trust recently released its Q1 2020 Investor Letter, a copy of which you can download here. The Amana Income Fund posted a return of -18.01% for the quarter, outperforming its benchmark, the S&P 500 Index which returned -19.60% in the same quarter. You should check out Amana Mutual Fund's top 5 stock […]...
Following his appearance before the Senate Banking Committee, Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee Wednesday. Yahoo Finance's Brian Cheung weighs in. ...
