| COMPANY |
Generac Holdings Inc. |
| COURT |
United States District Court for the Western District of Wisconsin |
| CASE NUMBER |
23-cv-00808 |
| JUDGE |
The Hon. William Martin Conley |
| CLASS PERIOD |
May 3, 2023 through August 3, 2023 |
| SECURITY TYPE |
Common Stock |
Generac investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than January 22, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Generac Holdings Inc. (“Generac”) (NYSE: GNRC) common stock between May 3, 2023 and August 3, 2023, both dates inclusive (the “Class Period”).
Case Background:
Generac, a Delaware corporation with its principal executive offices in Waukesha, Wisconsin, designs, engineers and markets standby power generators.
On August 2, 2023, Generac announced its second quarter 2023 financial results and revealed a $1 billion sales decrease year-over-year, a residential sales decrease of 44%, and a lower sales outlook for residential product sales. On an earnings call discussing the results, Generac’s executives attributed the underperformance to a “shift in consumer spending patterns” and advised that “this weaker than previously expected demand environment is expected to persist in the second half of the year, also contributing to our lower outlook for residential product sales.” On this news, the price of Generac common stock declined $42.61 per share over multiple trading sessions, or nearly 27.8%, from a close of $153.38 per share on August 1, 2023, to close at $110.77 per share on August 3, 2023.
The complaint alleges that, during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) macroeconomic trends, not power outages, were the primary factor impacting consumer demand for Generac products; and (2) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.