GPM Reminds Investors of the November 15th Deadline in the Class Action Lawsuit Against Polaris Industries, Inc. & Encourages...
November 11 2016 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
November 15, 2016 deadline to file a lead plaintiff motion
in the class action lawsuit filed on behalf of investors who
purchased or otherwise acquired Polaris Industries, Inc. (“Polaris”
or the “Company”) (NYSE: PII) securities between February 20,
2015 and September 11, 2016, inclusive (the “Class Period”).
Polaris investors have until November 15, 2016 to
file a lead plaintiff motion.
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.
According to the complaint filed in this lawsuit, throughout the
Class Period defendants issued false and misleading statements to
investors and/or failed to disclose that: (1) Polaris was unable to
sufficiently validate the initially identified repair for certain
of its recalled RZR vehicles; (2) Polaris would ultimately need to
implement a more complex and expensive repair solution; (3) the
financial impact of RZR vehicle recalls was therefore greater than
Polaris had disclosed to investors; (4) Polaris had overstated its
full-year 2016 guidance; and (5) as a result of the foregoing,
Polaris’ public statements were materially false and misleading at
all relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired Polaris shares during the
Class Period, you may move the Court no later than November
15, 2016 to request appointment 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://www.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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Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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