Law Offices of Howard G. Smith announces an investigation on behalf of Generac Holdings Inc. (“Generac” or the “Company”) (NYSE: GNRC) investors concerning the Company’s possible violations of federal securities laws.
On August 1, 2022, one of Generac’s channel partners, Pink Energy, filed a lawsuit against Generac, claiming that the component at the core of the Company’s solar power products, SnapRS, was defective and had caused millions of dollars of damage.
On this news, Generac’s stock price fell $3.31, or 1.23%, to close at $264.99 per share on August 1, 2022.
On October 7, 2022, Pink Energy declared bankruptcy.
Then, on October 19, 2022, Generac disclosed that it had taken “pre-tax charges totaling approximately $55 million, including approximately $37 million of clean energy product warranty-related matter and approximately $18 million of bad debt expense related to a clean energy product customer that has filed for bankruptcy.”
On this news, Generac’s stock price fell $37.44, or 25.3%, to close at $110.30 per share on October 19, 2022, thereby injuring investors.
Then, on November 2, 2022, Generac released its third quarter 2022 financial results, lowering sales guidance on its solar energy business for the remainder of the year by approximately 40%. The Company’s CEO attributed the lowered guidance to “the loss of a major customer during the quarter, along with the specific warranty-related issue.”
On this news, Generac’s stock price fell $8.99, or 7.8%, to close at $105.71 per share, thereby injuring investors further.
If you purchased Generac securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005192/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
