LOS ANGELES, CA / ACCESSWIRE / September 23, 2016 / Lundin Law PC (the "Firm") announces a class action lawsuit was filed against Polaris Industries Inc. ("Polaris" or the "Company") (PII) concerning possible violations of federal securities laws between January 26, 2016 and September 11, 2016 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm in advance of the November 15, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that during the Class Period, Polaris made false and/or misleading statements and/or failed to disclose that: Polaris was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; that the Company would ultimately need to implement a more complex and expensive repair solution; that the financial impact of RZR vehicle recalls was greater than the Company had disclosed to investors; that Polaris overstated its full-year 2016 guidance; and that as a result of the above, the Company's public statements were materially false and misleading at all relevant times.
On September 12, 2016, Polaris lowered its earnings guidance range for the full year 2016. The lower guidance is related to the impact of the Company's stop-ride/stop-sale advisory on July 25, 2016 pending a formal recall for the MY2016 RZR Turbo off-road vehicles due to potential fire hazard. When the news emerged to the public, Polaris shares fell in value, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE: Lundin Law PC