Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Generac Holdings Inc. (GNRC)
LOS ANGELES, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 30, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Generac Holdings Inc. (“Generac” or the “Company”) (NYSE: GNRC ) common stock between April 29, 2021 and November 1, 2022, inclusive (the “Class Period”).
If you suffered a loss on your Generac investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/generac-holdings-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On August 1, 2022, one of Generac’s channel partners, Pink Energy, filed a lawsuit against Generac, claiming that the component at the core of the Company’s solar power products, SnapRS, was defective and had caused millions of dollars of damage.
On this news, Generac’s stock price fell $3.31, or 1.23%, to close at $264.99 per share on August 1, 2022.
On October 7, 2022, Pink Energy declared bankruptcy.
Then, on October 19, 2022, Generac disclosed that it had taken “pre-tax charges totaling approximately $55 million, including approximately $37 million of clean energy product warranty-related matter and approximately $18 million of bad debt expense related to a clean energy product customer that has filed for bankruptcy.”
On this news, Generac’s stock price fell $37.44, or 25.3%, to close at $110.30 per share on October 19, 2022, thereby injuring investors.
Then, on November 2, 2022, Generac released its third quarter 2022 financial results, lowering sales guidance on its solar energy business for the remainder of the year by approximately 40%. The Company’s CEO attributed the lowered guidance to “the loss of a major customer during the quarter, along with the specific warranty-related issue.”
On this news, Generac’s stock price fell $8.99, or 7.8%, to close at $105.71 per share, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the full scope of the economic harm flowing from the defective SnapRS units; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Generac common stock during the Class Period, you may move the Court no later than January 30, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224