STEVENSON, Md., Sept. 19, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of Polaris Industries, Inc. (NYSE: PII ) (“Polaris” or the “Company”) securities during the period between January 26, 2016 and September 11, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until November 15, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Polaris securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles, the Company would ultimately need to implement a more complex and expensive repair solution, the financial impact of RZR vehicle recalls was greater than the Company had disclosed, and the Company had overstated its full-year 2016 guidance.
According to the complaint, following a September 12, 2016 press release announcing that the Company was lowering its full-year 2016 earnings guidance due to the impact of RZR thermal-related problems, including the Company’s inability to sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution, the value of Polaris shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Polaris securities purchased on or after January 26, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
