GENERAC – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Generac Holdings, Inc. (“Generac” or “the Company”) (NASDAQ: GNRC) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Generac securities from May 3, 2023 through August 3, 2023 (the “Class Period”). Investors who acquired Generac securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is January 22, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Generac securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST GENERAC
The complaint alleges that on August 2, 2023, the Company held its Q2 2023 earnings call. During that call, President and CEO Aaron P. Jagfeld revealed lackluster quarterly results, including a $1 billion sales decrease year-over-year and that residential sales decreased 44%. When explaining that decline, Jagfeld contradicted his May statements discounting macroeconomic trends. He said, “[the Company] underperformed our expectations as a result of the shift in consumer spending patterns,” thus admitting the importance of inflation on consumer spending. Consequently, Jagfeld advised investors, “[t]his weaker than previously expected demand environment is expected to persist in the second half of the year, also contributing to our lower outlooked for residential product sales.” Generac’s share price dropped swiftly in the day after the earnings call. On August 1, 2023 shares closed to $153.38; by the close on August 3, 2023 shares plummeted to $110.77.
- Generac Holdings Inc. is a publicly traded company that specializes in the design and manufacture of backup power generation products for residential, light commercial, and industrial markets. The company is known for its generators, transfer switches, and other power equipment.
- Generac’s product portfolio includes a variety of generators, ranging from small portable units for homeowners to large standby generators for commercial and industrial applications. They also offer automatic transfer switches, control systems, and related accessories. Generac provides solutions for both residential and commercial needs. For residential customers, they offer generators that can automatically start and supply power to a home during an outage. Commercial solutions include larger generators for businesses and industrial facilities.
- Generac has expanded its market presence through strategic acquisitions. For example, the company has acquired other companies in the power equipment and energy storage sectors to enhance its product offerings and capabilities.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Generac during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is January 22, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Generac are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.