Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Polaris Industries, Inc. Investors & E...
19 October 2016 - 7:16AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of Polaris
Industries, Inc. (“Polaris” or the “Company”) (NYSE: PII) investors
that purchased shares between January 26, 2016 and September 11,
2016, both dates inclusive (the “Class Period”). Investors with
losses in their Polaris investments during the Class Period have
until November 15, 2016 to file a lead plaintiff
motion.
Investors that suffered losses on their Polaris investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
Polaris, together with its subsidiaries, designs, engineers,
manufactures, and markets off-road vehicles,
snowmobiles, motorcycles, and on-road vehicles in the
United States, Canada, Western Europe, Australia, and Mexico. On
July 23, 2015, Polaris issued a recall for the Company’s
model-year 2016 Youth RZR off-highway vehicle, citing fire
hazards. Three other recalls of the Company’s RZR
vehicles followed—in October 2015, December 2015, and April
2016—affecting more than 160,000 RZR vehicles of various model
years. Throughout the recall announcements, Polaris disclosed
fiscal year 2016 net income guidance of $6.00 per share.
The lawsuit alleges that the Company misled investors concerning
the impact of the recalls on the Company’s future revenues and
profitability, and that on September 12, 2016, pre-market, Polaris
issued a press release announcing that the Company was
lowering its full-year 2016 earnings guidance to the range of $3.30
to $3.80 per diluted share. The Company attributed the lowered
guidance to the impact of RZR thermal-related problems, citing, in
part, the Company’s inability “to sufficiently validate the
initially identified RZR Turbo recall
repair, necessitating a more complex and expensive
repair solution.” On this news, Polaris stock
fell $4.05, or 5.01%, to close at $76.79 on
September 12, 2016.
If you purchased shares of Polaris during the Class Period you
may move the Court no later than November 15,
2016 to ask the Court to appoint you as lead plaintiff. To
be a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161018006696/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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