A Deadline is coming up on January 30, 2023 in the lawsuit for certain investors in Generac Holdings Inc. (NYSE: GNRC).
San Diego, CA -- (SBWIRE) -- 01/23/2023 -- The Shareholders Foundation announced that a deadline is coming up on January 30, 2023 in the lawsuit filed for certain investors of Generac Holdings Inc. (NYSE: GNRC).
Investors who purchased shares of Generac Holdings Inc. (NYSE: GNRC) have certain options and there are strict and short deadlines running. Deadline: January 30, 2023. NYSE: GNRC stockholders should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of purchasers of Generac Holdings Inc. (NYSE: GNRC) common shares between April 29, 2021 and November 1, 2022, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 29, 2021 and November 1, 2022, 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 6% of the Company's sales.
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 shares of Generac Holdings Inc. (NYSE: GNRC) have certain options and should contact the Shareholders Foundation.
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