WILMINGTON, Del., Sept. 20, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Polaris Industries Inc. (NYSE:PII)?
- Did you purchase your shares between January 26, 2016 and September 11, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Minnesota on behalf of all persons or entities that purchased the common stock of Polaris Industries Inc. (“Polaris” or the “Company”) (NYSE:PII) between January 26, 2016 and September 11, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Polaris during the Class Period, or purchased shares prior to the Class Period and still hold Polaris, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/polaris-industries-inc-pii.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; (2) as a result, the Company would ultimately need to implement a more complex and expensive repair solution; (3) the financial impact of RZR vehicle recalls was therefore greater than the Company had disclosed to investors; (4) consequently, the Company had overstated its full-year 2016 guidance; and (5) as a result of the foregoing, Polaris’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 12, 2016, pre-market, Polaris issued a press release announcing that the Company was lowering its full-year 2016 earnings guidance to the range of $3.30 to $3.80 per diluted share. The Company attributed the lowered guidance to the impact of RZR thermal-related problems, citing, in part, the Company’s inability “to sufficiently validate the initially identified RZR Turbo recall repair, necessitating a more complex and expensive repair solution.”
On this news, shares of Polaris dropped over 5%, closing at $76.79 per share on September 12, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 15, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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