NEW ORLEANS, Dec. 06, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 30, 2023 to file lead plaintiff applications in a securities class action lawsuit against Generac Holdings Inc. (NYSE: GNRC), if they purchased the Company’s shares between April 29, 2021 and November 1, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Wisconsin.
Generac investors should visit us at https://claimsfiler.com/cases/nyse-gnrc-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Generac and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 19, 2022, the Company released dismal preliminary financial results for 3Q2022 including a $55 million pre-tax charge relating to its clean energy product warranties and expenses, due to a distributor that had filed for bankruptcy. On this news, shares of Generac fell by $37.44 per share, or 25%. Then on November 2, 2022, the Company released its third quarter earnings and significantly lowered full-year guidance on sales by its solar energy business of approximately 40% due to the loss of a major customer and $37.3 million worth of clean energy product warranty-related issues. On this news, shares of Generac stock fell an additional $8.99 per share, or 8%.
The case is County Voluntary Employees’ Beneficiary Association and Oakland County Employees’ Retirement System v. Generac Holdings Inc., No. 22-cv-1436.
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