SAN FRANCISCO, CA / ACCESSWIRE / January 21, 2023 / Hagens Berman urges Generac Holdings Inc. GNRC investors who suffered significant losses to submit your losses now.
Class Period: Apr. 29, 2021 - Nov. 1, 2022
Lead Plaintiff Deadline: Jan. 30, 2023
Visit: www.hbsslaw.com/investor-fraud/GNRC
844-916-0895
Generac Holdings Inc. GNRC Securities Fraud Class Action:
The litigation challenges Generac's statements concerning the safety and success of its PWRcell solar energy offering which includes the SnapRS, a rapid shutdown device meant to shut off the flow of electricity from solar panels to the rest of the system.
The complaint alleges that Defendants mispresented and concealed that: (1) they knew the SnapRS units were defective; (2) as a result, relevant accounting rules required Generac to timely record warranty liabilities but it did not; and, (3) contrary to Generac's assurances otherwise, its sales to channel partners were highly concentrated in a single partner.
The truth began to emerge on Aug. 1, 2022, when one of Generac's channel partners ("Pink Energy") sued the company alleging that SnapRS defects caused millions of dollars of damage to Pink Energy and threatened its solvency.
Then, on Oct. 19, 2022 Generac revealed that it recorded $37 million of clean energy warranty and $18 million of bad debt charges, ostensibly related to Pink Energy's Oct. 7, 2022 bankruptcy.
Finally, on Nov. 2, 2022 Generac slashed its FY 2022 guidance on clean energy products by a...
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