Robbins Geller Rudman & Dowd LLP Files Class Action Against Generac Holdings Inc. and Announces Opportunity for Investors with Substantial Losses to Lead Case - GNRC
Robbins Geller Rudman & Dowd LLP has filed a class action lawsuit seeking to represent purchasers of Generac Holdings Inc. (NYSE: GNRC) common stock between April 29, 2021 and November 1, 2022, inclusive (the “Class Period”). Captioned California Ironworkers Field Pension Trust v. Generac Holdings Inc., No. 23-cv-00081 (E.D. Wis.), the Generac class action lawsuit charges Generac and certain of its top executives with violations of the Securities Exchange Act of 1934. A previously filed complaint, captioned Oakland County Voluntary Employees’ Beneficiary Association v. Generac Holdings Inc., No. 22-cv-01436 (E.D. Wis.), is also pending.
If you suffered substantial losses and wish to serve as lead plaintiff of the Generac class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-generac-holdings-inc-class-action-lawsui ...
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Generac class action lawsuit must be filed with the court no later than January 30, 2023.
CASE ALLEGATIONS: Generac designs, manufactures, and sells power generation equipment, energy storage systems, and other power products for the residential, light commercial, and industrial markets worldwide. In April 2019, Generac acquired Pika Energy Inc. for an undisclosed sum, which accelerated the company’s expansion in the home energy-storage market. The component acquired in the Pika Energy transaction was the SnapRS, an inline disconnect device designed to rapidly shut down power to individual solar panels as required by the National Electric Code. In early 2020, Generac and a Mooresville, North Carolina company now known as Pink Energy (formerly PowerHome Solar) formed a partnership to market Pink Energy solar installations with Generac batteries and system components.
The Generac class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (a) Generac had been suffering substantial declines in demand for its legacy generator product offerings, causing Generac to slash product prices by nearly 20% and engage in a massive acquisition spree in an attempt to offset waning demand; (b) SnapRS components being marketed and sold through a partnership with Generac suffered from serious product defect and safety issues; (c) Generac was exposed to significant impending warranty liability related to Generac’s participation in the sale of SnapRS components; and (d) as a result, the strength of Generac’s business metrics and financial prospects had been grossly overstated and materially misrepresented throughout the Class Period.
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