SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a shareholder rights litigation firm, is investigating potential corporate misconduct at Minnesota-based Polaris Industries, Inc. (NYSE: PII) (“Polaris” or the “Company”), a designer, manufacturer, and seller of off-road vehicles (“ORVs”), snowmobiles, motorcycles, and related items. The investigation includes an examination of product recalls, primarily of ORVs manufactured from 2012 through 2016, that Polaris reportedly undertook based upon issues including faulty heat shields, leaking fuel or oil, and overheated engines. Central to the investigation is an examination of purported misrepresentations and/or omissions concerning the Company’s business and financial operations stemming from, and/or impacted by, the product recalls and issues.
Notably, Polaris has been subject to certain securities class action claims based upon allegedly false and misleading statements and omissions concerning, among other things, the Company’s plans and ability to repair such alleged defects, the financial impact of the recalls and repairs, and the Company’s resulting 2016 financial guidance. Ultimately, the Company issued a September 12, 2016 press release, advising that Polaris was lowering its full-year 2016 earnings guidance to the range of $3.30 to $3.80 per diluted share, largely attributing the reduced earnings guidance to the impact of certain ORV thermal issues. The reduced September 2016 guidance was nearly half the amount the Company reported in July 2016. On this news, Polaris stock fell at least 5% to close at $76.79 on September 12, 2016. It has been alleged, among other things, that Polaris and certain of its executives rushed defective ORVs to market and knew of the product defects well in advance of issuing recalls.
Polaris Shareholders Have Legal Options
Concerned Polaris shareholders who would like more information about their rights and potential remedies, including remedies to the Company from the alleged misconduct of its executives and/or directors, may contact attorneys Amber Eck or Kathleen Herkenhoff at 619-342-8000, firstname.lastname@example.org or email@example.com.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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