New York, New York – (Newsfile Corp. – October 9, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against Generac Holdings Inc. (“Generac” or the “Company”) (NYSE: GNRC) and certain of its officers. The class action suit, filed in the United States District Court for the Central District of California, and registered as 21-cv-07009, is in the name of a group consisting of all persons and entities other than the defendants who have purchased or otherwise acquired publicly traded Generac between February 23, 2021 and July 29, 2021 inclusive (the âRemedy Periodâ). Plaintiff seeks recoverable damages caused by defendants’ breaches of federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased or otherwise acquired securities of Generac during the Class Period, you have until October 19, 2021 to request the court to appoint you as the principal claimant of the Class Action. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
Generac claims to be one of the world’s leading designers and manufacturers of a wide range of energy technology solutions, which provides power generation equipment and other power products for the residential, light commercial and industrial markets.
The complaint alleges that, throughout the Class Period, the statements made by the Defendants were materially false and / or misleading because they distorted and failed to disclose the following adverse facts regarding the commercial, operational and financial results of the Company, which were known to the Defendants or recklessly ignored by them. Specifically, the defendants have made false and / or misleading statements and / or failed to disclose that: (i) Generac’s portable generators pose an unreasonable risk of injury to users and the public; (ii) as a result, at least seven amputations of fingers and one crushed finger were reported to the Company; (iii) as a result, Generac would face increased regulatory oversight; (iv) the Company would end sales of its 6,500 watt and 8,000 watt GeneracÂ® and DRÂ® portable generators in the United States and Canada in June 2021; (v) the Company would recall its 6,500-watt and 8,000-watt GeneracÂ® and DRÂ® portable generators in the United States and Canada; (vi) the end of sales and the recall would occur prior to the hurricane and wildfire seasons noted by the Company and after the Texas shutdowns that the Company has advertised for sales; and (vii) accordingly, the defendants’ public statements and statements to journalists were materially false and / or misleading at all relevant times.
On July 29, 2021, the United States Consumer Product Safety Commission, Health Canada and the Organization for Economic Co-operation and Development announced the recall of the Generac portable generator, revealing that the company had received reports of of seven finger amputations and a crushed finger.
On this news, the Generac share price fell $ 31.04 per share, or 7%, from its closing price on July 28, 2021 over the next three trading days to close at 400.00. $ per share on August 2, 2021, detrimental to investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99181