Kessler Topaz Meltzer & Check, LLP Alerts Investors of Lead Plaintiff’s Deadline in Securities Fraud Class Action Against Generac Holdings Inc.
RADNOR, Pennsylvania., September 25, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Generac Holdings Inc. (NYSE: GNRC) (“Generac”) on behalf of those who bought or acquired Generic securities Between February 23, 2021 and July 29, 2021, inclusive (the âClass Periodâ).
Reminder of maturity for investors: investors who have bought or acquired Generac securities during the Class Action Period may, not later than October 19, 2021, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; by e-mail to [emailÂ protected]; Where Click on https://www.ktmc.com/generac-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=generac
Generac describes itself as one of the world’s leading designers and manufacturers of a wide range of energy technology solutions, providing power generation equipment and other power products for the residential, light commercial and industrial markets.
The Recourse Period begins on February 23, 2021, when Generac filed with the United States Securities and Exchange Commission its annual report on Form 10-K for the period ended December 31, 2021 (the âAnnual Reportâ). According to the complaint, the annual report touted the importance of Generac’s residential generator sets to its business and that its generator sets “have many advantages over our competitors with strengths in our engineering, supply and operations as well as a global distribution network which we believe can be further leveraged for continued market share gains. The annual report also touted the safety of its generators and that “[r]Research and development (R&D) is a core competence and includes a workforce of over 500 engineers. increased income.
The truth appeared on July 29, 2021, when 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 seven finger amputations and a crushed finger.
At this news, the Generac share price fell $ 31.04 per share, i.e. 7%, of its July 28, 2021 closing price over the next three trading days to close at $ 400.00 per share on August 2, 2021.
The complaint alleges that, throughout the period of the action, the defendants made false and / or misleading statements and / or failed to disclose that: (1) Generac’s portable generators posed an unreasonable risk of injury to them. users and the public; (2) as a result, at least seven finger amputations and one crushed finger were reported to the company; (3) as a result, Generac would face increased regulatory oversight; (4) Generac would end sales of its GeneracÂ® and DRÂ® 6500 Watt and 8000 Watt portable generators in United States and Canada in June 2021; (5) Generac would recall its GeneracÂ® and DRÂ® 6500 Watt and 8000 Watt portable generators in United States and Canada; (6) The end of sales and recall would occur before the hurricane and wildfire seasons noted by Generac and after the Texas outage – times the company has advertised for sales; and (7) as a result, the defendants’ public statements and statements to journalists were materially false and / or misleading at all relevant times.
Generac investors can, not later than October 19, 2021, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal 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. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors from United States and all over the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP