NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Generac Holdings Inc. (“Generac” or the “Company”) (NYSE: GNRC) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Generac securities between February 23, 2021 and July 29, 2021, both dates inclusive (the “Class Period”). Investors have until October 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On July 29, 2021, Generac issued a recall of certain models of the Company's portable generators, citing reports of seven finger amputations and a finger-crushing incident.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Generac’s portable generators posed an unreasonable risk of injury to users and the public; (2) as a result, at least seven finger amputations and one crushed finger had been reported to the Company; (3) as a result, Generac would face increased regulatory scrutiny; (4) the Company would end sales in its Generac® and DR® 6500 Watt and 8000 Watt portable generators in the United States and Canada in June 2021; (5) the Company would recall its Generac® and DR® 6500 Watt and 8000 Watt portable generators in the United States and Canada; (6) the end of sales and the recall would occur before the Company’s noted hurricane and wildfire seasons and following the Texas outage—periods the Company has touted for sales; and (7) as a result, defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On this news, Generac’s stock price fell $31.04 per share, or 7.2%, over three trading sessions, closing at $400.00 per share on August 2, 2021.
If you purchased or otherwise acquired Generac shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.