Polaris shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at email@example.com.
Polaris, together with its subsidiaries, designs, engineers, manufactures and markets off-road vehicles, snowmobiles, motorcycles, and on-road vehicles in the U.S. and worldwide.
In July 2015, Polaris issued a recall for the Company's model-year 2016 Youth RZR off-highway vehicle, citing fire hazards. Three other recalls of the Company's RZR vehicles followed – in October 2015, December 2015, and April 2016 – impacting more than 160,000 RZR vehicles of various model years. Nevertheless, throughout the Class Period – and as recently as July 20, 2016 – Polaris consistently advised investors that the Company expected to report fiscal 2016 net income of at least $6.00 per diluted share.
On September 12, 2016, Polaris issued a press release disclosing that it was lowering its fiscal 2016 earnings guidance from $6.00 – $6.30 per diluted share to $3.30 to $3.80 per diluted share – $2.50 to $2.70 per diluted share lower than the Company's prior guidance. The Company attributed the lowered guidance to the impact of RZR thermal-related problems, citing, in part, the Company's inability "to sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution."
On this news, Polaris stock fell $4.05, or over 5%, to close on September 12, 2016 at $76.79 per share, on heavy trading volume.
The shareholder complaint alleges that Polaris and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors during the Class Period that: (i) the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; (ii) as a result, the Company would ultimately need to implement a more complex and expensive repair solution; (iii) the financial impact of RZR vehicle recalls was therefore greater than the Company had disclosed to investors; and (iv) consequently, the Company had overstated its full-year 2016 guidance. The complaint further alleges that, as a result of the foregoing, Polaris's public statements during the Class Period were materially false and misleading at all relevant times.
Polaris shareholders may, no later than November 15, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/polaris-industries-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-polaris-industries-inc---pii-300331294.html
SOURCE Kessler Topaz Meltzer & Check, LLP