Haeggquist & Eck, LLP Announces Investigation of Potential Corporate Misconduct by Polaris Industries Concerning Alleged Prod...
July 07 2017 - 2:55PM
Business Wire
Haeggquist & Eck, LLP, a shareholder rights litigation firm,
is investigating potential corporate misconduct at Minnesota-based
Polaris Industries, Inc. (NYSE: PII) (“Polaris” or the “Company”),
a designer, manufacturer, and seller of off-road vehicles (“ORVs”),
snowmobiles, motorcycles, and related items. The investigation
includes an examination of product recalls, primarily of ORVs
manufactured from 2012 through 2016, that Polaris reportedly
undertook based upon issues including faulty heat shields, leaking
fuel or oil, and overheated engines. Central to the investigation
is an examination of purported misrepresentations and/or omissions
concerning the Company’s business and financial operations stemming
from, and/or impacted by, the product recalls and issues.
Notably, Polaris has been subject to certain securities class
action claims based upon allegedly false and misleading statements
and omissions concerning, among other things, the Company’s plans
and ability to repair such alleged defects, the financial impact of
the recalls and repairs, and the Company’s resulting 2016 financial
guidance. Ultimately, the Company issued a September 12, 2016 press
release, advising that Polaris was lowering its full-year 2016
earnings guidance to the range of $3.30 to $3.80 per diluted share,
largely attributing the reduced earnings guidance to the impact of
certain ORV thermal issues. The reduced September 2016 guidance was
nearly half the amount the Company reported in July 2016. On this
news, Polaris stock fell at least 5% to close at $76.79 on
September 12, 2016. It has been alleged, among other things, that
Polaris and certain of its executives rushed defective ORVs to
market and knew of the product defects well in advance of issuing
recalls.
Polaris Shareholders Have Legal Options
Concerned Polaris shareholders who would like more information
about their rights and potential remedies, including remedies to
the Company from the alleged misconduct of its executives and/or
directors, may contact attorneys Amber Eck or Kathleen Herkenhoff
at 619-342-8000, ambere@haelaw.com or kathleenh@haelaw.com.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170707005597/en/
Haeggquist & Eck, LLP619-342-8000Amber Eck,
ambere@haelaw.comKathleen Herkenhoff, kathleenh@haelaw.com
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