SAN FRANCISCO, Sept. 19, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Polaris Industries Inc. that the firm is investigating possible securities law violations by the Company and its officers.
To all investors in PII: If you purchased or otherwise acquired securities of PII between July 19, 2016 and September 11, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/PII
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing PII@hbsslaw.com.
On July 20, 2016, Polaris reported its 2016 second quarter results and provided fiscal year 2016 earnings guidance of $6 - $6.30 per share. In response, Polaris stock price rose approximately 9% to close at $95.03.
Then, on July 25, 2016 the Company voluntarily issued stop-ride/stop-sale advisory for its MY2016 RZR Turbo Off-Road Vehicles “due to a potential fire hazard.”
On September 12, 2016, Polaris slashed its fiscal year 2016 earnings guidance to $3.30 - $3.80 per share and explained: “the Company has experienced additional RZR thermal-related issues and was unable to sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution [and] [a]s a result, the voluntary stop ride/stop sale notification issued on July 25, 2016 remained in place significantly longer than originally anticipated.” In response, Polaris stock price fell approximately 5% to close at $76.79.
SEC filings show that during August 2016 Polaris’ Chief Financial Officer and its President of the Off-Road Vehicles business together sold shares for total proceeds of over $623,000.
“We’re looking into when the Company and its senior officers knew the advisory should be extended relative to the dramatic 45% reduction in the low-end guidance and of course the propriety of insider sales,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Polaris Industries should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email. PII@hbsslaw.com.
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