Case Summary

Generac

NYSE: GNRC

Case Details

  • Walling v. Generac Holdings, Inc. et al.
  • Class Period:May 3, 2023 - August 3, 2023
  • Date Filed:November 21, 2023
  • Jurisdiction:U.S. District Court, Western District of Wisconsin
  • Docket Number: 3:23-cv-00808
  • Lead Plaintiff Deadline: January 22, 2024
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Overview

A class action lawsuit has been filed against Generac Holdings, Inc., (“Generac”, “GNRC” or the “Company”) (NYSE: GNRC) and certain of the Company’s top executive officers alleging that they violated the federal securities laws.  The lawsuit seeks to represent all persons and entities who purchased or otherwise acquired Generac stock between May 3, 2023, and August 3, 2023, inclusive (the “Class Period”).

Generac designs, engineers, and markets standby power generators. It produces generators for both industry and for home consumers. It also produces other products for industrial and personal use, such as heaters and pressure washers.

The lawsuit alleges that on August 2, 2023, the Company held its Q2 2023 earnings call. During that call, President and CEO Aaron P. Jagfeld revealed lackluster quarterly results, including a $1 billion sales decrease year-over-year and that residential sales decreased 44%.

When explaining that decline, Jagfeld contradicted his May statements discounting macroeconomic trends. He said, “[the Company] underperformed our expectations as a result of the shift in consumer spending patterns,” thus admitting the importance of inflation on consumer spending. Consequently, Jagfeld advised investors, “[t]his weaker than previously expected demand environment is expected to persist in the second half of the year, also contributing to our lower outlooked for residential product sales.” Generac’s share price dropped swiftly in the day after the earnings call. On August 1, 2023, shares closed to $153.38; by the close on August 3, 2023 shares plummeted to $110.77.

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If you purchased or otherwise acquired Generac stock between May 3, 2023, and August 3, 2023, inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Generac lawsuit is January 22, 2024.

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