SAN FRANCISCO, Oct. 05, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Polaris Industries Inc. (NYSE:PII) of the November 15, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the United States District Court for the District of Minnesota.
If you purchased or otherwise acquired securities of PII between January 26, 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.
Between July 2015 and April 2016, Polaris announced four recalls for numerous of its off-road vehicles due to “thermal-related incidents” such as fires. In July 2016, Polaris issued a stop-ride/stop-sale advisory pending the recall of another vehicle, again citing fire hazards.
Throughout the recall announcements, Polaris on numerous occasions disclosed fiscal year 2016 net income guidance of $6.00 per share.
On September 12, 2016, less than two months after Polaris last provided its $6.00 per share earnings guidance, the Company abruptly slashed guidance to $3.30 - $3.80 per share, citing vehicle fire hazards as the reason for reduced earnings. In response, Polaris stock fell approximately 5% to close at $76.79 on September 12th and continued to decline throughout the week.
SEC filings show that Polaris’ CFO and the President of Polaris’ Off-Road Vehicles together sold over $2,700,000 of Company stock between January and August 2016.
“Defendants apparently were aware of the fire hazards associated with certain of Polaris’ vehicles for over a year,” said Hagens Berman partner Reed Kathrein. “We’re looking at why Defendants waited so long to reduce earnings guidance.”
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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