The Law Offices of Frank R. Cruz Announces Investigation of Generac Holdings Inc. (GNRC) on Behalf of Investors
LOS ANGELES , December 03 /Businesswire/ - The Law Offices of Frank R. Cruz announces an investigation of Generac Holdings Inc. (“Generac” or the “Company”) (NYSE: GNRC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 1, 2022, one of Generac’s channel partners, Pink Energy, filed a lawsuit against Generac, claiming that the component at the core of the Company’s solar power products, SnapRS, was defective and had caused millions of dollars of damage.
On this news, Generac’s stock price fell $3.31, or 1.23%, to close at $264.99 per share on August 1, 2022.
On October 7, 2022, Pink Energy declared bankruptcy.
Then, on October 19, 2022, Generac disclosed that it had taken “pre-tax charges totaling approximately $55 million, including approximately $37 million of clean energy product warranty-related matter and approximately $18 million of bad debt expense related to a clean energy product customer that has filed for bankruptcy.”
On this news, Generac’s stock price fell $37.44, or 25.3%, to close at $110.30 per share on October 19, 2022, thereby injuring investors.
Then, on November 2, 2022, Generac released its third quarter 2022 financial results, lowering sales guidance on its solar energy business for the remainder of the year by approximately 40%. The Company’s CEO attributed the lowered guidance to “the loss of a major customer during the quarter, along with the specific warranty-related issue.”
On this news, Generac’s stock price fell $8.99, or 7.8%, to close at $105.71 per share, thereby injuring investors further.
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If you purchased Generac securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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