LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of Polaris Industries, Inc. (“Polaris” or the “Company”) (NYSE: PII) investors that purchased shares between January 26, 2016 and September 11, 2016, both dates inclusive (the “Class Period”). Investors with losses in their Polaris investments during the Class Period have until November 15, 2016 to file a lead plaintiff motion.
Investors that suffered losses on their Polaris investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
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.
The lawsuit alleges that the Company misled investors concerning the impact of the recalls on the Company’s future revenues and profitability, and that on September 12, 2016, pre-market, Polaris issued a press release announcing that the Company was lowering its full-year 2016 earnings guidance to the range of $3.30 to $3.80 per diluted share. The Company attributed the lowered guidance to the impact of RZR thermal-related problems, citing, in part, the Company’s inability “to sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution.” On this news, Polaris stock fell $4.05, or 5.01%, to close at $76.79 on September 12, 2016.
If you purchased shares of Polaris during the Class Period you may move the Court no later than November 15, 2016 to ask the Court to appoint you 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://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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