SAN FRANCISCO, Oct. 28, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Polaris Industries Inc. (NYSE:PII) to an expanded class period of February 20, 2015 through September 11, 2016 and to the Lead Plaintiff deadline of November 15, 2016 in the securities class action lawsuit filed in the U.S. District Court for the District of Minnesota.
If you purchased or otherwise acquired securities of PII between February 20, 2015 and September 11, 2016 and suffered 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.
On October 25, 2016, Polaris narrowed guidance to $3.40 - $3.60 per share, citing lower sales expectations. In response, the price of Polaris shares fell over 3% during intra-day trading.
SEC filings show that Polaris’ CFO and the President of Polaris’ Off-Road Vehicles together sold over $2.7 million 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.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.