NEW YORK, Oct. 15, 2021 /PRNewswire/ -- 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, filed in the United States District Court for the Central District of California, and docketed under 21-cv-07009, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired publicly traded Generac securities between February 23, 2021 and July 29, 2021, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired Generac securities during the Class Period, you have until October 19, 2021 to ask the Court to appoint you as Lead Plaintiff for the Class. 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 who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Generac purports to be a leading global designer and manufacturer of a wide range of energy technology solutions, which provides power generation equipment and other power products serving the residential, light commercial and industrial markets.
The complaint alleges that, throughout the Class Period, statements made by Defendants were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts about the Company's business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Generac's portable generators posed an unreasonable risk of injury to users and the public; (ii) as a result, at least seven finger amputations and one crushed finger had been reported to the Company; (iii) as a result, Generac would face increased regulatory scrutiny; (iv) the Company would end sales in its Generac® and DR® 6500 Watt and 8000 Watt portable generators in the U.S. and Canada in June 2021; (v) the Company would recall its Generac® and DR® 6500 Watt and 8000 Watt portable generators in the U.S. and Canada; (vi) the end of sales and the recall would occur before the Company's noted hurricane and wildfire seasons and following the Texas outage-periods the Company has touted for sales; and (vii) as a result, Defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times.
On July 29, 2021, the U.S. Consumer Product Safety Commission, Health Canada, and the Organization for Economic Co-operation and Development announced the Generac portable generator recall, revealing that the Company had received reports of seven finger amputations and one finger crushing.
On this news, Generac's stock price fell $31.04 per share, or 7%, from its July 28, 2021 closing price over the next three trading days to close at $400.00 per share on August 2, 2021, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.