NEW YORK, Dec. 02, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit (“Generac” or “Company”) GNRC between April 29, 2021 and November 1, 2022 inclusive (the “Collection Period”).

According to the lawsuit, the defendants made false and/or misleading statements and/or failed to disclose that (1) Generac and its officers did not disclose to investors a defective component at the core of Generac’s solar power products, namely “SnapRS”. intended as a safety device to turn off solar devices in certain dangerous situations, but instead it would overheat, melt, and in some cases start fires; (2) the defendants knew that the SnapRS installed in thousands of homes was defective and dangerous and had led to numerous consumer complaints; (3) Instead of warning investors and consumers, the defendants hid this information and made minor changes to SnapRS that failed; (4) Generac also misled investors about its financial condition by ignoring its liability for warranty claims arising from the defective SnapRS and misrepresenting its warranty liability, Generac also overstated its earnings during the Class Period and misrepresented to investors assures that the Company’s financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”).

The complaint alleges that when the truth gradually emerged from August 1, 2022 to November 2, 2022, Generac’s stock price fell by $49.74 per share, hurting investors.

Investors who have purchased or otherwise acquired Generac stock should contact the company before January 30, 2023 Lead Plaintiff’s Application Deadline. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. If you exercise your rights or interests in relation to…