Generac, a manufacturer of backup power generators, and its top officers were hit with a securities class action on Thursday in Wisconsin Eastern District Court. The suit accuses the defendants of misleading investors about a defective component in Generac's solar power products. According to the complaint, Generac's largest sales partner, Power Home Solar LLC d/b/a Pink Energy, was forced to declare bankruptcy in October because the product defect exposed Pink Energy to millions of dollars in liability. The suit was brought by Gass Turek, Bernstein Litowitz Berger & Grossman and VanOverbeke Michaud & Timmony. Counsel have not yet appeared for the defendants. The case is 2:22-cv-01436, Oakland County Voluntary Employees' Beneficiary Association et al. v. Generac Holdings Inc. et al.
Industrial, Chemicals & Materials
December 01, 2022, 7:39 PM