SAN FRANCISCO, Dec. 02, 2022 (GLOBE NEWSWIRE) — Hagens Berman is urging Generac Holdings Inc. GNRC Investors who have suffered significant losses Submit your losses now.

school lesson: April 29, 2021 – November 1, 2022
Deadline for lead plaintiff: January 30, 2023
Visit: www.hbsslaw.com/investor-fraud/GNRC
Contact a lawyer now: GNRC@hbsslaw.com
844-916-0895

Generac Holdings Inc. GNRC Class action lawsuit alleging securities fraud:

The litigation challenges Generac’s claims regarding the safety and success of its PWRcell solar power offering, which includes SnapRS, a rapid shutdown device designed to interrupt the flow of electricity from solar panels to the rest of the system.

The Complaint alleges that the Defendants misrepresented and withheld the following: (1) they knew the SnapRS units were defective; (2) As a result, relevant accounting regulations required Generac to recognize warranty liabilities in a timely manner, but it did not; and (3) contrary to Generac’s other representations, its sales to distributors were highly concentrated with a single partner.

The truth began to emerge on August 1, 2022, when one of Generac’s distribution partners (“Pink Energy”) sued the company, claiming that SnapRS bugs caused millions of dollars in damage to Pink Energy and threatened its solvency.

Then, on October 19, 2022, Generac announced that it booked $37 million in clean energy guarantees and $18 million in bad debt, allegedly related to Pink Energy’s October 7, 2022 bankruptcy.

Finally, on November 2, 2022, Generac lowered its fiscal 2022 clean energy product guidance by a whopping $170 million to $200 million as a result of “losing a major customer” and “the specific warranty issue.”

Each of these disclosures caused Generac stock to fall sharply, hurting investors.

“We’re focusing on investors’ losses and proving that Generac cleaned its books,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.

If you have invested in…