Generac Lawsuit GNRC | Deadline January 30, 2023
Generac Class Action Lawsuit (GNRC Lawsuit)
A lawsuit has been filed against Generac Holdings Inc., (GNRC:NYSE) on December 1, 2022 at the court of the Eastern District of Wisconsin.
Investors who purchased or otherwise acquired GNRC common stock during the period from April 21, 2021 through November 1, 2022 can register their information before the deadline of January 30, 2023.
Is Generac Holdings Inc. Involved in a Securities Class Action Lawsuit?
Yes, a lawsuit has been filed against Generac Holdings Inc. on December 1, 2022, on behalf of shareholders during the period from April 21, 2021 through November 1, 2022.
What Is The Generac Lawsuit About?
The Generac Class Action Lawsuit (NYSE:GNRC) (Generac Class Action Lawsuit) was filed on behalf of the investors who purchased Generac Holdings Inc. (GNRC) securities between April 21, 2021 through November 1, 2022. For more on the GNRC Lawsuit please contact us today.
According to the Generac lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) despite defendant’s claims that “safety is paramount”, Generac’s SnapRS units, which are components for rapidly shutting down solar devices in certain dangerous situations, were defective;
(2) Generac did not timely record warranty liabilities resulting from the defective SnapRS units; and,
(3) despite assurances to the contrary, the Company’s sales to channel partners were highly concentrated in a single partner.
How much did GNRC stock drop?
Shareholders who hold GNRC securities saw decline by $3.31 per share. The liability created by defective SnapRS components ultimately forced Pink Energy to declare bankruptcy on October 7, 2022.
Moreover, the October 19 disclosures caused the price of Generac shares to decline by $37.44 per share, or 25%.
Lastly, as a result of November 20 disclosures, the price of Generac shares declined by $8.99 per share, or 8%.
What does GNRC Do?
Generac Holdings Inc. designs, manufactures, and sells power generation equipment, energy storage systems, and other power products for the residential, and light commercial and industrial markets worldwide. The company offers engines, alternators, batteries, electronic controls, steel enclosures, and other components.
It also provides residential automatic standby generators ranging in output from 7.5kW to 150kW; air-cooled engine residential standby generators ranging from 7.5kW to 26kW; liquid-cooled engine generators with outputs ranging from 22kW to 150kW; and Mobile Link, a remote monitoring system for home standby generators.
In addition, the company offers various portable generators ranging in size from 800W to 17.5kW; outdoor power equipment, such as trimmers, field and brush mowers, log splitters, stump grinders, chipper shredders, lawn and leaf vacuums, pressure washers, and water pumps; and clean energy solution under the PWRcell and PWRview brands.
Further, it provides light towers, mobile generators, and mobile energy storage systems; commercial mobile pumps and dust-suppression equipment; various gaseous-engine control systems and accessories; light-commercial standby generators ranging from 22kW to 150kW and related transfer switches providing three-phase power for small and mid-sized businesses; and industrial generators ranging in output from 10kW to 3,250kW used as emergency backup for healthcare, telecom, datacom, commercial office, retail, municipal, and manufacturing markets.
Additionally, the company sells aftermarket service parts and product accessories to dealers.
It distributes its products through independent residential dealers, industrial distributors and dealers, national and regional retailers, e-commerce partners, electrical, HVAC and solar wholesalers, catalogs, equipment rental companies and distributors, and solar installers; and directly to end users.
The company was founded in 1959 and is headquartered in Waukesha, Wisconsin.
Which Class Action Attorney Firm Can Help With The GNRC Lawsuit?
Levi & Korsinsky LLP is a Securities Class Action Law Firm. For over 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
Does It Cost Me To Join The GNRC Class Action?
No, there are no out of pocket costs for you to join the Generac Lawsuit.
What Is the Lead Plaintiff Process?
According to the Private Securities Reform Act of 1995, any investor who bought or acquired GNRC securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The GNRC class-action lawsuit is directed by the lead plaintiff. To litigate the Generac Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the GNRC Class Action Lawsuit.
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