LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the November 15, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Polaris Industries, Inc. (“Polaris” or the “Company”) (NYSE: PII) securities between February 20, 2015 and September 11, 2016, inclusive (the “Class Period”). Polaris investors have until November 15, 2016 to file a lead plaintiff motion.
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.
According to the complaint filed in this lawsuit, throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Polaris was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; (2) Polaris would ultimately need to implement a more complex and expensive repair solution; (3) the financial impact of RZR vehicle recalls was therefore greater than Polaris had disclosed to investors; (4) Polaris had overstated its full-year 2016 guidance; and (5) as a result of the foregoing, Polaris’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired Polaris shares during the Class Period, you may move the Court no later than November 15, 2016 to request appointment 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 [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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