DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Polaris Industries Inc. (“Polaris”) (NYSE: PII) and several officers and directors for acts taken during the period of February 20, 2015 to September 11, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Polaris. If you are an affected Polaris shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, Patrick Powers at Powers Taylor LLP via email at email@example.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued materially false and misleading statements and or failed to disclose that: (1) Polaris was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; (2) Polaris would ultimately need to implement a more complex and expensive repair solution; (3) the financial impact of RZR vehicle recalls was greater than the Company had disclosed to investors; (4) Polaris overstated its full-year 2016 guidance; and (5) as a result of the above, the Company's public statements were materially false and misleading at all relevant times. On September 12, 2016, Polaris lowered its earnings guidance range for the full year 2016, related to the impact of its stop-ride/stop-sale advisory on July 25, 2016 pending a formal recall for the MY2016 RZR Turbo off-road vehicles due to potential fire hazard. When this news reached the public, Polaris’s stock price fell, causing investors harm.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.