Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Polaris Industries Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Polaris Industries Inc. (“Polaris” or the “Company”) (NYSE:PII) of the November 17, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of all those who purchased Polaris stock or options between January 26, 2016 and September 11, 2016 (the “Class Period”). The case, Orr v. Polaris Industries, Inc. et al, No. 0:16-cv-03108 was filed on September 16, 2016, and has been assigned to Magistrate Judge Katherine M. Menendez.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was unable to sufficiently confirm the extent and severity of a fire hazard issue affecting its recalled RZR vehicles and, consequently, resulted in Polaris overstating its full-year 2016 guidance.
Specifically, on July 23, 2015, Polaris recalled its model-year 2016 Youth RZR off-highway vehicle, quoting fire hazards. Two additional recalls of the Company’s RZR vehicles followed shortly thereafter, in October and December 2015, also citing fire hazards. On April 2016, the Company announced a fourth recall, amounting to a total of 160,000 RZR vehicles of various model years.
Despite the various recalls, Polaris consistently guided investors that it expected full year 2016 net income to be at least $6.00 per diluted share. In a Current Report filed on Form 8-K on July 20, 2016, the Company announced its earnings guidance for the full year 2016 to be $6.00 to $6.30 per diluted share. However, during pre-market hours on September 12, 2016, the Company announced that it had lowered its earnings guidance for the full year 2016 to the range of $3.30 to $3.80 per diluted share citing the Company’s failure to “sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution.”
After the announcement, Polaris’ share price fell from $80.84 per share on September 11, 2016 to a closing price of $76.79 on September 12, 2016—a $4.05 or a 5.01% drop.
If you invested in Polaris stock or options between January 26, 2016 and September 11, 2016and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Polaris’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.