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Polaris Industries Inc (NYSE: PII) Investor Securities Class Action Lawsuit 09/16/2016

  • If you purchased shares of Polaris Industries Inc (NYSE: PII), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Polaris Industries Inc.
Security
NYSE: PII

Case Name
Polaris Industries Shareholder Class Action Lawsuit 09/16/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Minnesota

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 13, 2017 - The case was dismissed by court order.

March 14, 2017 - An amended consolidated complaint was filed.

September 16, 2016 - An investor in shares of Polaris Industries Inc (NYSE: PII) filed a lawsuit in the U.S. District Court for the District of Minnesota over alleged violations of Federal Securities Laws by Polaris Industries Inc in connection with certain allegedly false and misleading statements made between January 26, 2016 and September 11, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Polaris Industries Inc (NYSE: PII) common shares between January 26, 2016 and September 11, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 26, 2016 and September 11, 2016 the defendants made false and/or misleading statements and/or failed to disclose that the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles, that as a result, the Company would ultimately need to implement a more complex and expensive repair solution, that the financial impact of RZR vehicle recalls was therefore greater than the Company had disclosed to investors, that consequently, the Company had overstated its full-year 2016 guidance, and that as a result of the foregoing, Polaris Industries Inc’s public statements were materially false and misleading at all relevant times.

Polaris Industries Inc reported that its annual Total Revenue rose from over $4.47 billion in 2014 to over $4.71 billion in 2015 and that its respective Net Income increased from $454.03 million to $455.36 million.

On July 20, 2016, Polaris Industries Inc provided its earnings guidance range for the full year 2016 of $6.00 to $6.30 per diluted share.

On July 25, 2016, Polaris Industries Inc issued a stop-ride/stop-sale advisory, pending a formal recall, for MY2016 RZR Turbo off-road vehicles, due to a potential fire hazard.

On September 12, 2016, Polaris Industries Inc lowered its earnings guidance range for the full year 2016 to $3.30 to $3.80 per diluted share. The lowered guidance is related to additional RZR thermal-related issues and the impact of the voluntary stop ride/stop sale notification issued on July 25.

Shares of Polaris Industries Inc (NYSE: PII) declined from as high as $156.00 per share in early 2015 to as low as $70.14 per share on September 16, 2016.