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 - EconoTimes)
NEW YORK, Sept. 19, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Polaris Industries, Inc. (“Polaris” or the “Company”) (NYSE:PII) in the United States District Court for the District of Minnesota on behalf of purchasers of common stock of Polaris between January 26, 2016 and September 11, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; (ii) as a result, the Company would ultimately need to implement a more complex and expensive repair solution; (iii) the financial impact of RZR vehicle recalls was therefore greater than the Company had disclosed to investors; (iv) consequently, the Company had overstated its full-year 2016 guidance; and (v) as a result of the foregoing, Polaris’s public statements were materially false and misleading at all relevant times.
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 wish to serve as lead plaintiff, you must move the Court no later than November 15, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
