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NEW YORK, Sept. 19, 2016 -- 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.
Request more information now by clicking here: www.faruqilaw.com/PII. There is no cost or obligation to you.
Take Action
If you invested in Polaris stock or options between January 26, 2016 and September 11, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/PII. 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 [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Polaris’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330
