Investors Who Purchased NYSE: GNRC Shares Prior to May 2021 Should Contact the Shareholders Foundation in Connection with the Lawsuit Against Generac Holdings Inc.
SAN DIEGO, CA / ACCESSWIRE / March 14, 2023 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares of Generac Holdings Inc. (NYSE:GNRC).
Investors who purchased shares of Generac Holdings Inc. (NYSE: GNRC) prior to May 2021 and continue to hold any of those NYSE: GNRC shares also have certain options. Those NYSE: GNRC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On December 1, 2022, a lawsuit was filed on behalf of certain investors in NYSE: GNRC shares over alleged Securities Laws Violations by Generac Holdings Inc. The plaintiff alleges that the Defendants made numerous materially false and misleading statements and omissions concerning the safety and success of the Company's clean power products, and the number of channel partners Generac relies on to sell, install, and service those products, that the Defendants repeatedly touted to investors that "safety is paramount" and that the Company's solar products went through "multiple rounds of design review" to "ensure that [they] meet all applicable internal engineering designs and safety standards . . . ", that the Defendants also falsely represented to investors that Generac had a broad and diverse network of channel partners, and claimed that no single such partner provided more than
In addition, the complaint alleges that Defendants overstated the Company's earnings between April 29, 2021 and November 1, 2022. Specifically, Defendants misrepresented or concealed the Company's warranty liability, and falsely assured investors that the Company's financial statements were prepared in accordance with Generally Accepted Accounting Principles.
The plaintiff alleges that in truth, Defendants knew that, rather than ensuring the safety of its solar energy systems, Generac's SnapRS product was defective and dangerous, reducing the capacity of the solar energy systems in which it was installed, rendering costly equipment ineffective, requiring expensive maintenance, and would overheat, melt and, in some cases, start fires, that between April 29, 2021 and November 1, 2022, numerous consumers filed complaints with regulators, and Generac's channel partners informed the Company of the SnapRS defect. Also, contrary to Defendants' assertions, Generac's clean energy sales were heavily dependent on a single channel partner, Power Home Solar, LLC d/b/a Pink Energy ("Pink Energy"), that indeed, Generac faced significant undisclosed warranty liability as a result of the issues created by the SnapRS defect and resulting fallout with its largest channel partner, Pink Energy, and that as a result of Defendants' misrepresentations and omissions, Generac common stock traded at artificially inflated prices between April 29, 2021 and November 1, 2022.
Those who purchased Generac Holdings Inc. (NYSE: GNRC) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
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