Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Generac Holdings (GNRC)

NEW YORK, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the Eastern District of Wisconsin on behalf of all persons or entities who purchased Generac Holdings, Inc. securities ("Generac" or "Company") GNRC between April 29, 2021 and November 1, 2022, inclusive (the "Class Period").

According to the Complaint, defendants made false and/or misleading statements and/or failed to disclose that (1) Generac and its senior executives concealed from investors a defective component at the core of Generac's solar power products, namely the "SnapRS", which was intended as a safety device to shut down solar devices in certain dangerous situations, but instead it would overheat, melt and, in some cases, start fires; (2) defendants knew that the SnapRS installed in thousands of homes were defective and dangerous and had led to numerous consumers complaints; (3) instead of warning investors and consumers, defendants concealed this information, made minor modifications to SnapRS that failed; (4) Generac also misled investors about its financial condition by failing to account for its liability for warranty claims arising from the defective SnapRS and by misrepresenting its warranty liability, Generac also overstated its earnings throughout the Class Period, and falsely assured investors that the Company's financial statements were prepared in accordance with Generally Accepted Accounting Principles ("GAAP").

The Complaint alleges that when the truth was gradually revealed from August 1, 2022 through November 2, 2022, the price of Generac stock dropped $49.74 per share, harming investors.

Investors who purchased or otherwise acquired shares of Generac should contact the Firm prior to the January 30, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.