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Case No. 22-cv-1436-bhl\n\nGENERAC HOLDINGS INC., et al.\n\n Defendants.\n______________________________________________________________________________\n\n ORDER GRANTING DEFENDANTS\u2019 MOTION TO DISMISS\n LEAD PLAINTIFFS\u2019 SECOND CONSOLIDATED AMENDED COMPLAINT\n______________________________________________________________________________\n\n Defendant Generac Holdings, Inc., is a publicly traded company that sells a variety of\nenergy-related products, including power generators, solar power storage systems, home\nelectricity controls, and gasoline-powered tools. Generac\u2019s business was one of those that\nappeared to benefit from the COVID-19 pandemic. As a result of the stay-at-home orders and\nother associated anxieties, Generac saw increased product sales, driven largely by a surge in\ninterest and orders for its home standby (HSB) generators. In response, Generac\u2019s stock price rose\nsignificantly, but only for a time. By 2022, the stock price had fallen, ultimately losing nearly\n80% off its peak value. A number of securities fraud lawsuits targeting Generac, its CEO, Aaron\nJagdfeld, and its CFO, York Ragen, soon followed. This Court ordered the cases consolidated,\n(ECF No. 29), and appointed the City Pension Fund for Firefighters and Police Officers in the City\nof Tampa as Lead Plaintiff, (ECF No. 39).\n On July 31, 2023, Lead Plaintiffs filed a First Consolidated Amended Complaint, alleging\nthree different theories of securities fraud. (ECF No. 42.) Lead Plaintiffs did not identify any\naffirmative misrepresentation of fact made by Defendants. Instead, they alleged that Defendants\nfraudulently concealed three \u201cnegative trends\u201d in different sectors of Generac\u2019s business: (1) the\nweakening of demand for Generac\u2019s HSB generators as the pandemic continued, (2) a defect in\n\n 1\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 1 of 33 Document 86\n\fGenerac\u2019s SnapRS solar energy products, and (3) risks arising from Generac\u2019s \u201chighly\nconsolidated\u201d sales of solar energy products through a single distributor, Pink Energy. (Id. \u00b6\u00b64,\n17.) On February 7, 2025, the Court granted Defendants\u2019 motion to dismiss that complaint,\nconcluding that Lead Plaintiffs\u2019 securities fraud accusations failed because they had not adequately\nalleged falsity and scienter on their primary theory and had failed to allege falsity, scienter, and\nmateriality on their second and third theories. (ECF No. 63.) The Court allowed Lead Plaintiffs\nthe opportunity to address the Court\u2019s concerns in a further amended pleading. (Id. at 31.)\n On March 10, 2025, Lead Plaintiffs filed a Second Consolidated Amended Complaint.\n(ECF No. 66.) As in their prior effort, Lead Plaintiffs again do not allege that Defendants made\nany affirmative misrepresentations. Instead, Lead Plaintiffs repackage their earlier theories and\nallege that Defendants concealed three \u201cnegative facts\u201d (rather than \u201cnegative trends\u201d): (1) the\ndeclining rate at which Generac was closing sales for HSB generators, (2) that Generac\u2019s \u201cSnap\nRS\u201d rapid shutoff device, a component of its PWRcell solar products, suffered from a widespread\nand dangerous defect, and (3) that Generac\u2019s solar product sales were highly concentrated in a\nsingle dealer, Pink Energy. (Id. \u00b64.) Defendants again move to dismiss, arguing that the Second\nConsolidated Amended Complaint fails to adequately plead falsity, scienter, or loss causation as\nto Lead Plaintiffs\u2019 first theory and fails to allege materiality, falsity, scienter, or loss causation on\ntheir second and third theories. (ECF Nos. 73 & 74 at 7\u20138.) Lead Plaintiffs oppose the motion,\ninsisting that the Second Consolidated Amended Complaint corrects the pleading deficiencies\npreviously identified by the Court. (ECF No. 80 at 9.)\n As explained below, the Court agrees with Defendants that the Second Consolidated\nAmended Complaint fails to satisfy the rigorous pleading standards applicable to securities fraud\nclaims. Lead Plaintiffs have again failed to adequately plead falsity and scienter on their primary\ntheory, and their amendments fail to cure the previously identified deficiencies as to their second\nand third theories. Accordingly, the Court will grant Defendants\u2019 motion to dismiss.\n LEGAL STANDARD\n When deciding a Rule 12(b)(6) motion to dismiss, the Court accepts all well-pleaded facts\nas true and draws reasonable inferences in the plaintiffs\u2019 favor. Roberts v. City of Chicago, 817\nF.3d 561, 564 (7th Cir. 2016) (citing Lavalais v. Village of Melrose Park, 734 F.3d 629, 632 (7th\nCir. 2013)). A complaint will survive a motion to dismiss if it \u201cstate[s] a claim to relief that is\nplausible on its face.\u201d Bell Atl. Corp. v. Twombly, 550 U.S. 544, 570 (2007). \u201cA claim has facial\n\n 2\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 2 of 33 Document 86\n\fplausibility when the plaintiff pleads factual content that allows the court to draw the reasonable\ninference that the defendant is liable for the misconduct alleged.\u201d Ashcroft v. Iqbal, 556 U.S. 662,\n678 (2009).\n Lead Plaintiffs face a high burden. Given the temptations of hindsight and second-\nguessing, and the serious nature of these allegations, the law has long required higher levels of\npleading and proof for fraud claims. See Borsellino v. Goldman Sachs Grp., Inc., 477 F.3d 502,\n507 (7th Cir. 2007); Chamberlain Mach. Works v. United States, 270 U.S. 347, 349 (1926); Gen.\nElec. Cap. Corp. v. Lease Resol. Corp, 128 F.3d 1074, 1078 (7th Cir. 1997). Pleadings asserting\nclaims for securities fraud are subject to two levels of heightened pleading standards. Federal Rule\nof Civil Procedure 9(b) requires the pleading to \u201cstate with particularity the circumstances\nconstituting\u201d the fraud. Fed. R. Civ. P. 9(b). As with any plaintiff claiming fraud, a securities\nfraud plaintiff \u201cmust do more pre-complaint investigation to assure that the claim is responsible\nand supported, rather than defamatory and extortionate.\u201d Borsellino, 477 F.3d at 507 (quoting\nPayton v. Rush-Presbyterian-St. Luke\u2019s Med. Ctr., 184 F.3d 623, 627 (7th Cir. 1999)). The\ncomplaint \u201cmust provide \u2018the who, what, when, where, and how\u2019\u201d of the alleged fraud. Id. (quoting\nUnited States ex rel. Gross v. AIDS Rsch. All.\u2013Chi., 415 F.3d 601, 605 (7th Cir. 2005)).\n The Private Securities Litigation Reform Act (PSLRA) raises this burden even higher. The\nPSLRA requires Lead Plaintiffs to \u201cspecify each statement alleged to have been misleading, the\nreason or reasons why the statement is misleading, and, if an allegation regarding the statement or\nomission is made on information and belief\u201d and \u201cstate with particularity all facts on which that\nbelief is formed.\u201d 15 U.S.C. \u00a778u-4(b)(1)(B). The complaint must \u201cstate with particularity the\nfacts\u2014known to the speaker at the time\u2014that render the statement false or misleading.\u201d Constr.\nWorkers Pension Fund-Lake Cnty. & Vicinity v. Navistar Int\u2019l Corp. (Navistar II), 114 F.Supp.3d\n633, 651 (N.D. Ill. 2015). \u201c[W]hether a statement is \u2018misleading\u2019 depends on the perspective of a\nreasonable investor . . . .\u201d Omnicare, Inc. v. Laborers Dist. Council Const. Indus. Pension Fund,\n575 U.S. 175, 186 (2015). A misleading statement is considered material \u201cwhen there is a\nsubstantial likelihood that the disclosure of the omitted fact would have been viewed by the\nreasonable investor as having significantly altered the total mix of information made available.\u201d\nMatrixx Initiatives, Inc. v. Siracusano, 563 U.S. 27, 38 (2011) (internal quotation marks omitted).\nThe PSLRA also sets the bar higher for pleading scienter. The complaint must \u201cstate with\n\n\n\n 3\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 3 of 33 Document 86\n\fparticularity facts giving rise to a strong inference that the defendant acted with the required state\nof mind.\u201d 15 U.S.C. \u00a7 78u-4(b)(2)(A).\n BACKGROUND 1\n Lead Plaintiffs are the City Pension Fund for Firefighters and Police Officers in the City\nof Tampa and City of Miami Fire Fighters\u2019 and Police Officers\u2019 Retirement Trust, government\nemployee benefit plans that purchased Generac common stock during the 18-month period\nbetween April 29, 2021 and November 1, 2022. (ECF No. 66 \u00b6\u00b61, 18\u201319.) Generac is a publicly\ntraded company headquartered in Waukesha, Wisconsin that sells a variety of energy-related\nproducts, including power generators, solar power storage systems, home electricity controls, and\ngasoline-powered tools. (Id. \u00b6\u00b62, 21.) For nearly 20 years, Jagdfeld has served as Generac\u2019s CEO\nand Ragen has served as its CFO. (Id. \u00b6\u00b622\u201323.)\n Lead Plaintiffs allege that between April 29, 2021 and November 1, 2022 (the Class\nPeriod), Defendants made three categories of false or misleading statements causing Generac\u2019s\nstock price to be fraudulently inflated. (Id. \u00b6\u00b61, 4.) According to the Second Consolidated\nAmended Complaint, Generac\u2019s stock stood at $340 per share in April 2021 and rose to $506 per\nshare in November of that year. (Id. \u00b6\u00b612, 216, 222.) In 2022, the stock price began to fall,\nultimately bottoming out at $106 per share on November 2, 2022. (Id. \u00b6\u00b612, 183.) Lead Plaintiffs\ncontend that they suffered losses from the decrease in Generac\u2019s stock price caused by Defendants\u2019\nfraudulent statements.\n Lead Plaintiffs accuse Defendants of intentionally misleading investors by concealing three\n\u201cnegative facts.\u201d (Id. \u00b64.) They concede that Defendants reported a host of accurate metrics\nconcerning Generac\u2019s business but contend that Defendants failed to disclose other facts necessary\nto prevent their reports from being misleading. These negative facts are that (1) the rate at which\nGenerac was closing sales for HSB generators was \u201cin a state of drastic decline,\u201d (2) Generac\u2019s\nSnapRS rapid shutdown devices suffered from a widespread defect resulting in a substantial failure\nrate and escalating costs; and (3) Generac\u2019s solar product sales were \u201chighly concentrated in a\nsingle dealer,\u201d Pink Energy, posing elevated risks to the business that ultimately came to fruition\n\n1\n This Background is derived from Lead Plaintiffs\u2019 Second Consolidated Amended Complaint, (ECF No. 66), the\nfactual allegations in which are presumed true when considering a motion to dismiss, see Twombly, 550 U.S. at 554\u2013\n56. Defendants again move for consideration of certain documents under the incorporation by reference doctrine.\n(ECF No. 76.) Because all the documents are both judicially noticeable matters of public record and referenced by\nLead Plaintiffs in the Second Consolidated Amended Complaint, the Court will grant the motion. See Tellabs, Inc. v.\nMakor Issues & Rights (Tellabs II), 551 U.S. 308, 322 (2007).\n\n 4\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 4 of 33 Document 86\n\fwhen the dealer went bankrupt. (Id. \u00b6\u00b64, 7\u20139.) Lead Plaintiffs\u2019 allegations related to each of these\ntheories are summarized below.\n A. Generac\u2019s HSB Generators\n HSB generators are electrical generators that are permanently installed in residential homes\nto serve as a backup source of electricity in the event of a power outage. (Id. \u00b625.) Historically,\nthe market for HSB generators has been limited because they are costly to buy and install and\nbecause prolonged power interruptions are rare. (Id. \u00b626.) Beginning in March of 2020, however,\nwhen state and local governments issued stay-at-home orders in response to the COVID-19\npandemic, consumer interest in Generac\u2019s HSB generators surged. (Id. \u00b6\u00b637\u201338.) The impact on\nGenerac\u2019s business was significant, and Defendants reported on the impact in their public\ndisclosures.\n During a July 30, 2020 earnings call, Defendant Jagdfeld reported that Generac\u2019s second\nquarter revenues had \u201cdramatically exceeded\u201d prior forecasts \u201cprimarily due to the higher-than-\nexpected shipments of residential products.\u201d (Id. \u00b638.) He noted that demand for residential\nproducts like HSB generators was \u201csignificantly benefiting\u201d from the pandemic, as part of what\nGenerac labelled the \u201cHome as a Sanctuary\u201d \u201cmegatrend\u201d in which millions of people were\n\u201cworking, learning, shopping, entertaining and in general spending more time at home.\u201d (Id. \u00b6\u00b639,\n65(a), 67(a).) Throughout 2020 and into 2021, Generac reported \u201cdramatic growth\u201d in residential\nsales. (Id. \u00b641.) Defendants repeatedly referred to the underlying data points that informed their\nstatements. These metrics included the increased number of Generac\u2019s \u201cresidential dealers\u201d\noffering HSB generators, the number of \u201cin-home and virtual consultations\u201d dealers were having\nwith prospective customers, and HSB generator \u201cactivations\u201d (the first use of a generator following\ninstallation). (Id. \u00b640.) Lead Plaintiffs do not dispute that these metrics were accurately reported.\n In their statements, Defendants also referred to HSB backlog, lead times, and, occasionally,\nclose rates. Backlog refers to the amount of dealer orders received, but not yet delivered, or the\nlength of time between a dealer placing an order with Generac and the company actually shipping\nthe order; executives discussed it both in terms of weeks and dollar values. (ECF No. 66 \u00b642 n.6.)\nLead time is used to describe the full period from order to installation or how long a customer\nwould need to wait to receive a new generator. (Id. \u00b65.) Close rates are the rate at which\nconsultations with potential customers resulted in a sale. (Id.)\n\n\n\n 5\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 5 of 33 Document 86\n\f Over the course of 2021 and into 2022, Generac reported strong demand and extended lead\ntimes (typically between 20 and 30 weeks). The company\u2019s representatives also reported a backlog\nof orders that provided insight into future sales and made it more difficult both to implement price\nincreases and to respond to logistics and supply chain issues. Generac noted the uncertainty of\nincreasing production at a time when supply chain disruptions were common, and logistics costs\nvariable. (See, e.g., ECF No. 75-2 at 14\u201315 (February 11, 2021 earnings call discussing supply\nchain disruptions, logistics problems, and noting long lead times for HSB generators); ECF No.\n75-6 at 5, 12 (November 2, 2021 earnings call in which Jagdfeld noted that HSB generator lead\ntimes had increased to 30 weeks, and that long lead times were \u201cnot what we want to see for our\ncustomers\u201d and discussing constraints posed by logistics and supply chain disruptions in response\nto an analyst question about Generac\u2019s HSB generator backlog). Jagdfeld also noted, in July 2020,\nbefore the start of the Class Period, that close rates, as measured at that point, had remained\nconsistent with historical trends, despite the company pivoting to virtual home consultations and\nadjusting the sales process to account for the COVID-19 pandemic. (ECF No. 66 \u00b6\u00b652, 204.)\n The company disclosed steps it was taking to address increased lead times. During\nGenerac\u2019s February 11, 2021 earnings call Jagdfeld announced that Generac had \u201ccontinued to\naggressively ramp our supply chain and production output\u201d and had achieved \u201cprogressively\nhigher record daily build rates throughout the fourth quarter\u201d of 2020. (ECF No. 75-2 at 5.)\nGenerac also announced plans to open a new manufacturing facility in Trenton, South Carolina,\nand projected that it would increase HSB generator manufacturing capacity significantly compared\nto its production level at the start of 2020. (Id.) In connection with its second quarter 2021 results,\nJagdfeld reported in Generac\u2019s July 28, 2021 earnings call that demand for HSB generators\nremained \u201cincredibly robust\u201d and that lead times \u201cremain[ed] elevated at approximately 28\nweeks.\u201d (ECF No. 66 \u00b6\u00b661; Transcript of Q2 2021 Generac Holdings Inc Earnings Call--Final,\nFD (Fair Disclosure) Wire (July 28, 2021), https://plus.lexis.com/api/permalink/ce5ade79-6db0-\n4413-ae67-695d0850296d/?context=1530671.)\n After reporting the company\u2019s third quarter 2021 results during a November 2, 2021\nearnings call, Jagdfeld related that production levels were at an all-time high and yet demand for\nHSB generators continued to outstrip the company\u2019s record production, with lead times at about\n30 weeks and a backlog of orders projected to exceed $1 billion entering 2022. (ECF No. 66 \u00b663;\nECF No. 75-6 at 5.) The company also noted, however, that revenues for its residential products,\n\n 6\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 6 of 33 Document 86\n\fincluding HSB generators, had fallen short of projections by 30 million and that its backlog began\nto shrink for the first time since the start of COVID-19. (ECF No. 66 \u00b6\u00b6138.) The company\u2019s\n2021 Form 10-K likewise reported \u201cincreased demand\u201d and \u201cextended lead times,\u201d (ECF No. 75-\n5 at 28), while cautioning that \u201ca significant decrease in the demand\u201d for Generac\u2019s products\n\u201ccould cause actual results to differ\u201d from estimates, (id. at 33).\n In its May 4, 2022 earnings call, Generac accurately reported a 41% increase in net sales\nto a record $1.14 billion for the quarter. (ECF No. 82-1 at 4.) Jagdfeld also noted that home\nconsultations for the quarter were three times higher than in the first quarter of 2020, \u201creinforcing\u201d\nhis view that demand for HSB generators had risen to a new higher baseline level. (Id.) He also\nnoted that the backlog of orders remained \u201cwell above $1 billion.\u201d (Id.) Jagdfeld also cautioned\nthat lead times remained far higher than normal (27 to 20 weeks) and Generac wished to increase\nthe rate at which dealers installed HSB generators, describing installation rates as a \u201cstruggle point\nfor the channel.\u201d (ECF No. 66 \u00b667(c)\u2013(d).)\n Generac\u2019s ability to deal with the surge in demand was also limited by its distribution\nchannels. Generac does not typically sell generators or solar products directly to end customers or\nhomeowners, nor does it install the products. (Id. \u00b632.) Instead, Generac sells generators and solar\nproducts to \u201cchannel partners,\u201d who in turn sell them to end customers and arrange for installation.\n(Id.) The most predominant channel partners for Generac are its network of thousands of\nindependent authorized dealers. (Id.) Generac\u2019s website provides a \u201cDealer Locator\u201d function\nallowing interested homeowners to identify dealers near their location. (Id. \u00b633.) If the\nhomeowner purchases a generator, the dealer will later install the product, either with its employees\nor through outside contractors. (Id. \u00b634.) Historically, a dealer would either install a generator\nfrom its inventory or place an order to Generac for delivery. (Id.) In addition to delays caused by\nproduction, constraints on installation added further delays to customers. In a May 4, 2022\nearnings call to discuss the company\u2019s first quarter 2022 results, Defendant Jagdfeld noted the\ncontinued backlog on orders and the delays in installation and reported on the company\u2019s efforts\nto work with new and existing dealers to increase their ability to install products more quickly and\nto deal with labor shortages. (Id. \u00b667.) Like many manufacturers, Generac incentivized its dealers\nto obtain orders and sell products. Generac granted dealers special privileges if they maintained\n\u201cPremier\u201d status by securing at least $1.5 million in orders. (Id. \u00b634.) To encourage them to seek\nout customers, Generac also allowed dealers to cancel orders with protections against the risks of\n\n 7\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 7 of 33 Document 86\n\fover-ordering. (Id. \u00b657.) As the backlog grew, this allowed dealers to potentially reduce their\nlater wait times, and avoid later price increases, by placing orders for generators before they had\nend-customer contracts in place. (Id. \u00b658.)\n According to Lead Plaintiffs, close rates are an important metric for investors because they\nmeasure the rate at which an initial sales pitch results in an actual sale to buyers. (Id. \u00b6\u00b645\u201346.)\nIn 2012, Generac launched a \u201ctablet-based program\u201d called \u201cPowerPlay,\u201d which allowed it to send\nleads to dealers and track the sales process (including observing close rates) through installation.\n(Id. \u00b647.) Over the next decade, Defendants mentioned close rates, their importance, and their\nreliance upon PowerPlay in a handful of public disclosures. 2 (Id. \u00b6\u00b647\u201352.)\n In their latest pleading, Lead Plaintiffs allege that close rates for HSB generators began\ndeclining in the fourth quarter of 2020. (Id. \u00b654.) By July 2021, close rates \u201cwere their lowest in\nthree years\u201d and never rebounded to pre-COVID levels. (Id. \u00b655.) Although declining close rates\nwould ordinarily discourage dealers from ordering more products than they could expect to sell,\nLead Plaintiffs allege that Generac\u2019s dealer incentives encouraged further orders. These incentives\nincluded substantial purchase discounts for preferred dealers, \u201clax [dealer] cancellation policies\u201d\nthat permitted dealers to cancel orders later in the process, without losing price discounts for\nshipped products if subsequently cancelled orders resulted in dealers falling below \u201cPremier\u201d\nstatus, and actual and threatened price increases, all of which, Lead Plaintiffs contend, led dealers\nto place orders for HSB generators without actual customer contracts in place and led to growth in\ndealer inventories. (Id. \u00b6\u00b6 57\u201358.)\n\n\n\n\n2\n In July 2013, Jagdfeld responded to an analyst\u2019s question about \u201cclosure rate improvements seen from PowerPlay,\u201d\nby stating \u201cwe\u2019re watching\u201d close rates \u201cvery closely,\u201d and \u201creally like what we see.\u201d (ECF No. 66 \u00b647.) Seventeen\nmonths later, in a February 11, 2015 earnings call, Jagdfeld mentioned how PowerPlay provided helpful information\n\u201cgiving us, dealer by dealer, specific close rates.\u201d (Id.) Two and one-half years after that, on September 7, 2017,\nGenerac\u2019s former Chief Marketing Officer, Russel Minick, stated that Jagdfeld and senior executives monitored the\ninformation provided by PowerPlay daily. (Id. \u00b648.) In other communications, Defendants commented on the\nimportance of close rates. For example, on February 14, 2017, Jagdfeld stated that \u201cimproving close rates\u201d was \u201ca\nreally big focus area\u201d and noting that \u201ceven a slight improvement in close rates,\u201d and would \u201chave a nice impact on\noverall home stand-by demand.\u201d (Id. \u00b650.) In October 2013, Jagdfeld stated that with the rollout of PowerPlay \u201cwe\ncontinue to see a notable improvement in our sales closure rates for dealers using this new and innovative sales tool.\u201d\n(Id. \u00b651.) On May 4, 2016, after reporting that consultations \u201care somewhat flattish\u201d compared to the prior year,\nJagdfeld stated that \u201cour close rate has actually improved a bit\u201d and that \u201cthe improving close rate underlying [the\nconsultations]\u201d provided management confidence \u201caround our guidance here for the balance of the year.\u201d (Id.)\nJagdfeld also mentioned improvements in close rates in statements made in August 2019, September 2019, October\n2019, April 2020, and July 2020. (Id. \u00b652.)\n\n\n 8\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 8 of 33 Document 86\n\f Generac\u2019s positive reporting of results came to an end in late 2022. On November 2, 2022,\nGenerac issued a press release and held an earnings call to discuss results for third quarter of 2022,\nconfirming that Generac\u2019s residential sales \u201cwere weaker than expected in the quarter, driven by\nlower shipments of home standby generators and clean energy products relative to our prior\nexpectations.\u201d (Id. \u00b6176.)\n B. Generac\u2019s SnapRS Units\n In 2018, Generac entered the solar energy storage business as part of a new corporate\nstrategy called \u201cPowering Our Future.\u201d (Id. \u00b627.) After acquiring several energy companies in\n2019, Generac launched the \u201cPWRcell\u201d line of products, designed to \u201ccapture[] and store[]\nelectricity from solar panels or other power sources and help[] reduce home energy costs while\nalso protecting homes from shorter duration power outages.\u201d (Id. \u00b628.) A significant component\nof PWRcell products is the \u201cSnapRS\u201d device, which Generac advertised as \u201ca simple way to satisfy\nrapid shutdown compliance for solar + storage systems.\u201d (Id. \u00b629.) Rapid Shutdown Systems are\n\u201ca fundamental safety requirement\u201d in solar panel systems to mitigate the risk of electrocution for\nfirst responders, like firefighters, who may need to access a building\u2019s roof. (Id.) To comply with\napplicable safety standards, a single SnapRS unit is installed between each solar panel and between\nthe solar panels and the link to the system that generates electricity in the customer\u2019s home,\nmeaning that an eight-panel system requires eight SnapRS units. (Id. \u00b630.)\n As PWRcell sales grew in 2020 and 2021, Defendants highlighted the success of the\nproduct and its importance to the company. For example, on an October 28, 2020 earnings call\ndiscussing third quarter of 2020 results, Jagdfeld stated that \u201c[s]hipments of our PWRcell energy\nstorage systems . . . [were] a key contributor to the company\u2019s year-over-year growth.\u201d (Id. \u00b671\n(alteration in original).) Because Generac provided a 25-year warranty on its SnapRS devices,\nincreased sales of PWRcell products resulted in increased warranty liabilities. (Id. \u00b6\u00b673\u201374.)\n In early 2021, SnapRS model 801 units began to fail by turning on and off repeatedly,\nresulting in units overheating, deforming, or melting. (Id. \u00b677.) The defect was later determined\nto be the cause of two August 2021 residential fires. (Id. \u00b6\u00b6 82, 85.)\n In August 2022, one of Generac\u2019s solar dealers, Pink Energy, sued Generac over the\nSnapRS defects, claiming damages of several hundred million dollars. (Id. at 36 n.19.) According\nto allegations in the lawsuit, Pink Energy first reported the defect to Generac by April 2021 when\nit discovered melted SnapRS units during a service call to a customer. (Id. \u00b678.) Pink Energy\n\n 9\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 9 of 33 Document 86\n\fclaimed that by August 2021 other dealers were also complaining to Generac about the defect and\nthe high failure rates associated with the SnapRS device. (Id. \u00b6\u00b680\u201381.) Pink Energy also claimed\nthat on an August 12, 2021 conference call, a Generac executive did not dispute the overheating\nproblem, noted that Generac had not identified the precise cause, and confirmed that the company\nwas investigating the issue. (Id. \u00b683.) On August 19, 2021, another Generac executive informed\nPink Energy that it was testing a firmware update for SnapRS units to address the overheating\nissue and that it planned to release the fix by late August 2021. (Id. \u00b686.) The firmware update\ndid not resolve the issue because the update was only available to customers with solar systems\nconnected to the internet, which many did not, and the update caused units to shut down when a\nmalfunctioning or overheating SnapRS unit was detected, causing the solar systems to stop\nproducing energy. (Id. \u00b6\u00b689\u201392.)\n In \u201clate 2021,\u201d Generac began supplying dealers with an updated model of the SnapRS\n801, which Generac referred to as the SnapRS 801A. (Id. \u00b693.) According to the Pink Energy\nlawsuit, Generac instructed its dealers to replace only the SnapRS units that were charred or melted\nand leave undamaged units in place. (Id.) The updated model also failed to resolve the issues, as\nthe 801A units contained the same defects as the 801 units. (Id. \u00b694.)\n On November 23, 2021, Generac submitted a report notifying the Consumer Product Safety\nCommission (\u201cCSPC\u201d) of a \u201cpotential defect\u201d in its SnapRS devices, as required by the Consumer\nProduct Safety Act. (Id. \u00b688.) \u201cIn or around April 2022,\u201d Generac released an updated SnapRS\n802 unit. (Id. \u00b6100.) \u201cShortly thereafter,\u201d Generac instituted the \u201cSnapRS replacement program,\u201d\nthe goal of which was to \u201cultimately replace\u201d all SnapRS 801 and 801A units with SnapRS 802\nunits. (Id.) According to the Pink Energy lawsuit, Generac sent a letter to \u201ca selection of Pink\nEnergy\u2019s customers\u201d who \u201cmay have experienced certain issues\u201d with their SnapRS units in May\n2022, informing them that Generac developed the SnapRS 802 unit to replace the 801 or 801A\nunits. (Id. \u00b6103.)\n According to Pink Energy\u2019s lawsuit, \u201capproximately half\u201d of Pink Energy\u2019s 19,000\ncustomers whose systems utilized the SnapRS device experienced issues that required replacement\nof the devices. (Id. \u00b696.) Pink Energy\u2019s Lawsuit further claimed that Generac \u201cacknowledged a\nnear 50% failure rate in the SnapRS units, accounting for the approximately 41% of [Pink Energy]\ncustomers . . . that have experienced PVRSS Lockouts and another 8% that never received the\nfirmware update.\u201d (Id.) Pink Energy\u2019s lawsuit also alleges that Generac agreed in December 2021\n\n 10\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 10 of 33 Document 86\n\fto retroactively indemnify Pink Energy from all claims arising from manufacturing defects\nresulting in injury or damage to property. (Id. \u00b695.) In October 2022, Pink Energy went out of\nbusiness and declared bankruptcy. (Id. at 36 n.19.)\n C. Generac\u2019s Overreliance on Pink Energy\n Generac does not sell its products directly to its customers. (Id. \u00b632.) Instead, Generac\nsells its products through various \u201cchannel partners\u201d that connect Generac with its end customer.\n(Id.) Generac\u2019s predominant channel partners are its \u201cnetwork of thousands of independent\nauthorized \u2018dealers\u2019 who sell the products to the end customers and arrange for installation.\u201d (Id.)\nGenerac adopted a similar dealer-based process when it entered the solar energy market in late\n2019. (Id. \u00b636.) By March 2020, Generac had an agreement with Pink Energy under which Pink\nEnergy would purchase and install Generac PWRcell products in customer\u2019s home solar systems.\n(Id. \u00b6115.)\n Generac regularly disclosed its intention to build out its solar installer network. In an April\n29, 2021 earning call, Jagdfeld highlighted that Generac had trained and certified 2,000 dealers as\nof the end of Quarter 1 2021. (Id. \u00b6122.) Jagdfeld continue to report on the growth of Generac\u2019s\nsolar dealer network, disclosing that the network had grown to approximately 2,200 dealers by\nJuly 2021, 2,300 by November 2021, 2,500 by February 2022, 2,600 by May 2022, and 2,800 by\nAugust 2022. (Id. \u00b6\u00b6124, 126, 128, 130, 132.) Generac also regularly disclosed its efforts to\nexpand its distribution network in general in its SEC filings. (Id. \u00b6\u00b6123, 125, 126, 127, 129, 131,\n133.) In 2022, Jagdfeld reported that Pink Energy was a \u201clarge\u201d and \u201creally important customer\u201d\nfor Generac. (Id. \u00b6121.) Pink Energy had a negative reputation for predatory and misleading sales\ntactics. (Id. at 52 n.32.)\n Pink Energy accounted for what analysts estimated to be more than 50% of Generac\u2019s\nPWRcell solar product sales. (Id. \u00b6120.) In October 2022, as the SnapRS defect caused Pink\nEnergy to be overwhelmed with service calls, requiring a diversion of resources to servicing and\nreplacing old units rather than selling and installing new units, Pink Energy declared bankruptcy\nand ceased operations. (Id. \u00b6\u00b6120\u2013121.) Generac later attributed \u201ca stunning $185 million\nreduction to its $350 million solar guidance\u201d to the loss of Pink Energy as a dealer. (Id. \u00b6121.)\n\n\n\n\n 11\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 11 of 33 Document 86\n\f ANALYSIS\n Lead Plaintiffs allege that Defendants violated Section 10(b) of the Securities Exchange\nAct of 1934 and the Securities and Exchange Commission (SEC)\u2019s Rule 10b-5 by making false or\nmisleading statements for the purpose of inflating Generac\u2019s stock price. (ECF No. 66 \u00b6\u00b6241\u201345.)\nThey contend that Jagdfeld and Ragen are individually liable for Generac\u2019s securities fraud under\nSection 20(a) of the Exchange Act. (Id. \u00b6\u00b6246\u201349.)\n Section 10(b) prohibits the use or employment, \u201cin connection with the purchase or sale of\nany security . . . any manipulative or deceptive device or contrivance in contravention of\u201d SEC\nrules. 15 U.S.C. \u00a778j(b). Rule 10b-5 prohibits any \u201cuntrue statement of a material fact\u201d or the\nomission of \u201ca material fact necessary in order to make the statements made, in light of the\ncircumstances under which they were made, not misleading.\u201d 17 C.F.R. \u00a7 240.10b-5(b). To state\na claim under Section 10(b) and Rule 10b-5, a plaintiff must plausibly allege \u201c(1) a material\nmisrepresentation or omission by the defendant, (2) scienter, (3) a connection between the\nmisrepresentation or omission and the purchase or sale of a security, (4) reliance upon the\nmisrepresentation or omission, (5) economic loss, and (6) loss causation.\u201d Halliburton Co. v. Erica\nP. John Fund, Inc., 573 U.S. 258, 267 (2014) (quoting Amgen Inc. v. Conn. Ret. Plans & Trust\nFunds, 568 U.S. 455, 460\u201361 (2013)). Section 20(a) of the Act, 15 U.S.C. \u00a7 78t(a), imposes joint\nand several liability on \u201ccontrolling persons\u201d for violations of securities laws. To state a claim\nagainst Jagdfeld or Ragen under Section 20(a), Lead Plaintiffs \u201cmust first adequately plead a . . .\nviolation of [Section] 10(b) and Rule 10b-5.\u201d Pugh v. Tribune Co., 521 F.3d 686, 693 (7th Cir.\n2008).\n Lead Plaintiffs\u2019 claims are based on allegedly fraudulent non-disclosures or omissions. 3 In\nthese circumstances, Rule 10b-5 \u201crequires disclosure of information necessary to ensure that\nstatements already made are clear and complete.\u201d Macquarie Infrastructure Corp. v. Moab\nPartners, L.P., 601 U.S. 257, 264 (2024). In other words, the rule prohibits \u201chalf-truths,\u201d or\n\u201crepresentations that state the truth only so far as it goes, while omitting critical qualifying\ninformation.\u201d Id. at 263 (quoting Universal Health Servs., Inc. v. United States ex rel. Escobar,\n\n\n3\n Lead Plaintiffs insist they do allege false statements of material fact. (ECF No. 80 at 29\u201330 (citing ECF No. 66\n\u00b6\u00b661(b), 63, 108.) This is but a semantics game. Their latest pleading continues to frame the challenged statements\nas false and misleading because they \u201comitted to disclose\u201d information Lead Plaintiffs assert was necessary to make\nthem not misleading. (ECF No. 66 \u00b6\u00b662, 64, 107\u2013109.) Lead Plaintiffs do not identify any inaccuracy in any of the\nmetrics Defendants disclosed about HSB generators. (See id. \u00b6\u00b660\u201368.)\n\n 12\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 12 of 33 Document 86\n\f579 U.S. 176, 188 (2016)). Like their prior pleading, Lead Plaintiffs\u2019 Second Consolidated\nAmended Complaint offers three different theories of securities fraud, all based on alleged material\nnondisclosures. (ECF No. 66 \u00b64.) Lead Plaintiffs\u2019 primary theory is that Defendants failed to\ndisclose declining close rates for Generac\u2019s HSB generators, while continuing to report increases\nin other metrics, such as consultations and dealer orders. (Id. \u00b67.) Lead Plaintiffs also allege that\nDefendants failed to disclose a major defect in Generac\u2019s SnapRS solar energy products and the\nresulting customer complaints. (Id. \u00b68.) Last, they allege that Defendants failed to disclose that\nGenerac\u2019s solar product sales were highly concentrated in a single distributor, Pink Energy, while\ncreating the false impression that Generac had a broad and diverse dealer customer base. (Id. \u00b69.)\n Defendants contend that Lead Plaintiffs fail to state an actionable claim under any of these\ntheories. (ECF No. 74.) The Court agrees with Defendants and will dismiss Lead Plaintiffs\u2019 claims\nfor violations of Section 10(b) and Rule 10b-5. Because Lead Plaintiffs have not adequately\npleaded any underlying violations of Section 10(b) and Rule 10b-5, their Section 20(a) claims will\nalso be dismissed.\nI. Lead Plaintiffs Fail to Allege Facts to Support Falsity and Scienter on their Primary\n Theory.\n In place of their previous claim that Defendants fraudulently misled investors by failing to\ndisclose a decline in demand for HSB generators, Lead Plaintiffs now allege that Defendants failed\nto disclose a decline in close rates for HSB generators. (ECF No. 66 \u00b6\u00b644\u201368.) They allege that\nbefore the Class Period, Defendants reported a trio of interrelated sales data points\u2014in-home-\nconsultations, dealer orders, and close rates\u2014but that Defendants stopped reporting close rates\nduring the Class Period, as they decreased, while reporting increases in in-home-consultations and\ndealer orders. (Id. \u00b6\u00b656\u201367.) According to Lead Plaintiffs, Defendants concealed declining close\nrates to prevent analysts and investors from understanding the \u201ctrue state\u201d of the HSB generator\nbusiness and to hide the increased risk of declining generator orders, cancellations, and elevated\ndealer inventories that later materialized. (Id. \u00b6\u00b658\u201369.)\n Defendants insist that Lead Plaintiffs\u2019 switch from falling demand to falling close rates\ndoes not cure their failure to allege with particularity any statement of material fact by Defendants\nthat was rendered false or misleading by any alleged omission. (ECF No. 74 at 14\u201319.)\nDefendants further assert that Lead Plaintiffs\u2019 allegations as to scienter and loss causation are\ninsufficient. (Id. at 19\u201326.) In the end, while the Second Amended Complaint is a (minor)\n\n\n 13\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 13 of 33 Document 86\n\fimprovement on Lead Plaintiffs\u2019 prior effort, the Court agrees with Defendants that this latest\npleading is still inadequate to overcome the significant pleading burdens applicable to accusations\nof securities fraud.\n A. The Challenged HSB Statements Were not Misleading or False.\n The Second Amended Complaint identifies thirteen statements made by Defendants in\nearnings calls during the Class Period. (ECF No. 66 \u00b6\u00b661(a)\u2013(d), 63, 65(a)\u2013(c), 67(a)\u2013(c)). Twelve\nof these statements were included in the First Amended Complaint, and the Court found they were\nnot fraudulent or misleading. (Compare ECF No. 66 \u00b6\u00b661(a)\u2013(d), 63, 65(a)\u2013(c), 67(a), (c)\u2013(e) with\nECF No. 42 \u00b6\u00b6109(b), (d), (g), (h), 113(e), 118(a), (c), (d), 123(a), (e), (f), (g).) All thirteen\nchallenged statements were made during earnings calls and are summarized below:\n \u2022 July 28, 2021 earnings call\n \u2022 Jagdfeld reported that in-home-consultations or sales leads for HSB generators\n remained strong and increased approximately 50% as compared to the second\n quarter of 2020. (ECF No. 66 \u00b661(a).)\n \u2022 Jagdfeld stated that \u201ckey demand metrics for home standby\u201d had continued to trend\n higher compared to prior years, and in-home-consultations were \u201cincreasing at a\n strong double-digit rate.\u201d (Id. \u00b661(b).)\n \u2022 Jagdfeld reported that Generac was \u201cexperiencing higher incoming order rates.\u201d\n (Id. \u00b661(c).)\n \u2022 Jagdfeld stated that demand was robust and in-home-consultations were \u201cup again\u201d\n compared to the last year. (Id. \u00b661(d).)\n\n \u2022 November 2, 2021 earnings call\n \u2022 Jagdfeld stated that demand remained high and \u201cleading indicators like [in-home-\n consultations]\u201d and \u201clagging indicators\u201d like activations and incoming orders were\n exceeding Generac\u2019s increased production levels. (Id. \u00b663.)\n\n \u2022 February 16, 2022 earnings call\n \u2022 Jagdfeld stated that \u201cimportant megatrends\u201d continued to drive demand for HSB\n generators, and that in-home-consultations increased compared to the prior year.\n (Id. \u00b665(a).)\n \u2022 Jagdfeld stated that Generac would end the year with a substantial backlog because\n the anticipated order rate was strong, and that the backlog had continued to grow\n despite increased production. (Id. \u00b665(b).)\n \u2022 Jagdfeld stated that in-home-consultations were \u201cup double digits again for the\n quarter across the country.\u201d (Id. \u00b665(c).)\n\n\n\n\n 14\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 14 of 33 Document 86\n\f \u2022 May 4, 2022 earning call\n \u2022 Jagdfeld stated that Generac\u2019s HSB business benefited from \u201cmegatrends,\u201d in-\n home-consultations had increased again, and Generac thought demand for HSB\n generators was at a new, higher, baseline level. (Id. \u00b667(a).)\n \u2022 Jagdfeld also responded to a question about demand for HSB generators after price\n increases and stated that Generac considered close rates to \u201cgauge the impact of\n each round of pricing\u201d and had not seen a significant impact. (Id. \u00b667(b).)\n \u2022 Jagdfeld also stated dealer inventory was high compared to prior levels, and blamed\n winter weather for a slow installation pace. (Id. \u00b667(c).)\n \u2022 Jagdfeld commented that Generac needed to \u201cincrease the install pace because\n output is increasing\u201d and that labor and installation were a \u201cstruggle point for the\n channel\u201d that Generac was monitoring. (Id. \u00b667(d).) Ragen also stated he believed\n there were buyers for the units in dealer inventory based on the demand shown by\n in-home-consultations, and Jagdfeld concurred. (Id.)\n \u2022 Jagdfeld also responded to an analyst question asking if the increase in-home-\n consultation volume indicated demand for HSB generators had reached a new\n baseline level, stating \u201cyou\u2019d have to take into consideration where our close rate\n is at.\u201d (Id. \u00b667(e).)\n\n Critically, Lead Plaintiffs do not allege that any of these statements, or the metrics\ndisclosed therein, were inaccurate or false. Instead, they reach for a fraudulent omission approach.\nAccording to Defendants, these accurate statements created a false impression that a higher\nnumber of end customer contracts would come into being because Defendants did not include\nadditional statements that close rates for HSB generators had decreased. (ECF No. 66 \u00b6\u00b662, 64,\n66, 68.)\n In pursuing a non-disclosure theory, Lead Plaintiffs have a high bar to clear. There is no\naffirmative duty to disclose all information that might affect a company\u2019s stock price. Macquarie,\n601 U.S. at 264 (\u201cIt once again \u2018bears emphasis that \u00a710(b) and Rule 10b-5(b) do not create an\naffirmative duty to disclose any and all material information.\u2019\u201d) (citing Siracusano, 563 U.S. at\n44.) Unless positive law creates a duty to disclose, a company can remain silent about both good\nand bad news concerning its business. Gallagher v. Abbott Labs., 269 F.3d 806, 808 (7th Cir.\n2001). Rule 10b-5 only requires the disclosure of information necessary to ensure any affirmative\nstatements made are clear. In other words, the law prohibits a defendant from telling \u201chalf-truths\u201d\nor making statements that omit critical qualifying information. Macquarie, 601 U.S. at 263. As\nexplained above, courts determine whether a nondisclosure renders a statement misleading from\nthe perspective of a reasonable investor. OmniCare Inc., 575 U.S. at 190. A reasonable investor\nconsiders both the content and the context of a statement. Id. An omission makes a statement\n\n 15\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 15 of 33 Document 86\n\fmaterially misleading when it creates an impression of a state of affairs that differs in a material\nway from the one that actually exists. SEC v. Ustian, No. 16 C 3885, 2019 WL 7486835, *28\n(N.D. Ill. Dec. 13, 2019); Kelsey v. Allin, No. 14 C 7837, 2016 WL 825236, at *4 (N.D. Ill. Mar.\n2, 2016); Brody v. Transitional Hosps. Corp., 280 F.3d 997, 1006 (9th Cir. 2002).\n Lead Plaintiffs have, again, not cleared this hurdle. They have not pleaded facts sufficient\nto show that Defendants\u2019 many statements, including those concerning HSB demand and those\naccurately describing the increased rates of in-home-consultations and incoming dealer orders,\nwere misleading by the nondisclosure of close rates. Lead Plaintiffs\u2019 allegations suffer from at\nleast three major failings.\n First, when read in context, none of the challenged statements created a materially\nmisleading picture of the HSB generator sector, even without any discussion of close rates. The\nrecord of those disclosures confirms, and Lead Plaintiffs do not contest, that Defendants\naffirmatively disclosed accurate metrics, made predictions about demand based on those accurate\nmetrics, and repeatedly shared challenges facing their HSB generator business. See Anderson v.\nAbbott Labs., 140 F.Supp. 2d 894, 909 (N.D. Ill. 2001) aff\u2019d sub nom. 269 F.3d 806 (7th Cir. 2001)\n(reiterating that accurate statements of historical fact are not actionable); see also Makor Issues &\nRights, Ltd. v. Tellabs, Inc. (Tellabs I), 437 F.3d 588, 597 (7th Cir. 2006) (holding that general\nstatements about robust demand or growth, or positive feelings about a business are not\nactionable). Thus, contrary to the implication Lead Plaintiffs seek to impose, Defendants did not\npaint an unduly rosy picture. When the challenged disclosures are read in full, they demonstrate\nthat Defendants repeatedly qualified their positive statements and disclosed potential problems\nwith their efforts to deal with the rapid increase in HSB generator demand. The disclosures told\ninvestors about increased lead times and installation constraints, and even linked those issues to\nlower close rates. For example, in the July 28, 2021 earnings call, Jagdfeld noted the need to\nincrease production to meet increased dealer orders, and that higher orders had led to longer lead\ntimes, despite increased production. Transcript of Q2 2021 Generac Holdings Inc Earnings Call-\n-Final, FD (Fair Disclosure) Wire (July 28, 2021), https://plus.lexis.com/api/permalink/ce5ade79-\n6db0-4413-ae67-695d0850296d/?context=1530671. During the November 2, 2021 earnings call,\nJagdfeld again identified that increased lead times, which had grown to approximately 30 weeks,\nand overall challenges to the supply chain were pressuring the HSB generator business. (ECF No.\n75-6 at 5.) In the February 16, 2022 earnings call, Jagdfeld noted that lead times had decreased\n\n 16\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 16 of 33 Document 86\n\fby about 4 to 5 weeks from 32 weeks. Transcript of Q4 2021 Generac Holdings Inc Earnings Call-\n-Final, FD (Fair Disclosure) Wire (Feb. 16, 2022), https://plus.lexis.com/api/permalink/fcf48b66-\nae67-4e2a-9101-4fbe9b5e4a31/?context=1530671. Jagdfeld also noted that Generac expected to\nend the year with improved lead times but still expected to carry significant backlog into the next\nyear. Id. Ragen discussed implementing pricing increases and the problems of operating with a\nsignificant backlog and significant inflation. Id. In response to a question asking him to quantify\nthe HSB backlog and identify a \u201cnormalized level of orders\u201d for HSB generators Jagdfeld noted\nthat it would be difficult to give an accurate estimate, because later incoming orders would vary\nbased on the \u201coutage environment\u201d, but that even with increased production, Generac could not\nget back to a \u201cnormal kind of 1-to-2-week lead time\u201d by the end of the year. Id.\n Lead Plaintiffs\u2019 theory also ignores similar context from later calls. During the May 4,\n2022 earnings call, Jagdfeld noted that lead times for HSB installation had improved from\napproximately 27 weeks to 20 weeks, remaining far higher than normal, described the \u201csupply\nchain environment\u201d as challenging, noted that the HSB backlog remained large, and stated that,\ndespite efforts to increase production, Generac would likely retain a large portion of its backlog\ninto 2023. (ECF No. 82-1 at 4.) Jagdfeld emphasized that Generac wanted to increase dealer\ninstallation rates and described installation rates as a \u201cstruggle point for the channel.\u201d (ECF No.\n66 \u00b667(c)\u2013(d).) At Generac\u2019s August 3, 2022 earnings call, which Lead Plaintiffs cite as a partial\ndisclosure of the decline in close rates, Jagdfeld expressed Generac\u2019s belief that reducing lead\ntimes would improve close rates. (ECF No. 75-3 at 4.) Jagdfeld then went on to identify \u201cbuild\nrates and supply chain challenges\u201d as previously constraining the HSB generator business\u2019s growth\nand stated that Generac had increased production to meet these challenges. (Id. at 4\u20135.) Jagdfeld\nthen went on to state that dealer installation capacity\u2014caused largely by labor shortages,\npermitting delays, and material shortages\u2014was now the major constraint, and that project lead\ntimes for homeowners, the end customers, had not come down in proportion with production lead\ntimes. (Id. at 5.)\n In sum, Defendants did not hide the ball during the class period; they disclosed what they\nsaw as the relevant pressures on the HSB generator business, high lead times and limited\ninstallation capacity. Moreover, Defendants\u2019 overall conclusion, that demand remained high,\nbased on the indicators they cited, was supported, as the Court noted in its first order. (ECF No.\n63 at 20.) It is, as Defendants note, unclear what disclosing close rates would add to the accurate\n\n 17\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 17 of 33 Document 86\n\fpicture already painted. (ECF No. 74 at 18.) Defendants effectively did what Lead Plaintiffs fault\nthem for failing to do; they disclosed negative facts with the interrelated positive ones, just not by\ndisclosing close rates as a metric measuring the effect of those negative facts. Lead Plaintiffs\u2019\ninsistence that the lack of close rate metrics rendered Defendants\u2019 accurate statements misleading\nfails with a more thorough review of the full disclosures made.\n Second, the record confirms that Defendants\u2019 accurate statements about positive metrics\nlike in-home-consultations and dealer orders did not imply anything in particular about how close\nrates were faring, and a reasonable investor would not understand them to do so. See Chew v.\nMoneygram International, Inc., 2024 WL 4346522, at *7\u2013*8 (N.D. Ill. Sep. 30, 2024) (declining\nto infer that a reasonable investor would understand positive statements about performance overall\nto imply that every area of the business was similarly positive). Lead Plaintiffs have not explained\nwhy not discussing close rates, but discussing demand overall, and discussing other indicators of\ndemand, would lead reasonable investors to draw conclusions about close rates.\n Instead of a consistent, logical rationale, Lead Plaintiffs offer shifting theories on how the\nstatements might have misled the public. In their pleading, Lead Plaintiffs allege the statements\ncreated a \u201cfalse impression of generator sales,\u201d by implying that increased in-home-consultations\nwere resulting in \u201ccorrelating increased sales\u201d and \u201cend market contracts[.]\u201d (ECF No. 66 \u00b664.) In\ntheir briefing, however, Lead Plaintiffs offer a different theory, arguing that the statements implied\nthat close rates themselves were also increasing with the other metrics. 4 (ECF No. 81 at 31.) This\nconfusion about what these statements led investors to believe belies the larger problem with Lead\nPlaintiffs\u2019 allegations; the statements did not imply anything in particular about close rates. To\nreiterate, Lead Plaintiffs do not challenge any of the statements about net sales or revenue, and do\nnot contend that those statements were inaccurate. The Second Consolidated Amended Complaint\nalso does not allege that Defendants ever stated or implied there was a direct correlation between\nin-home-consultations and close rates. Rather, it even includes a statement in which Jagdfeld\nexplicitly cautioned investors against making that assumption. (ECF No. 66 \u00b667(e).)\n\n\n\n\n4\n Lead Plaintiffs assert that \u201cDefendants misconstrue Plaintiffs\u2019 allegations to argue that concealing the decline in\nclose rates did not mislead investors as to the \u2018lead times\u2019 or the amount of historical generator sales. [ECF No. 74 at\n11\u201312.] Rather, it misled investors into believing that the increased consultations with end-customers and sales to\ndealers were being matched by correlating end-customer contracts (i.e., increased close rates)[.]\u201d (ECF No. 81 at\n31.)\n\n 18\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 18 of 33 Document 86\n\f Lead Plaintiffs cite Shenwick v. Twitter, Inc., 282 F.Supp.3d 1115, 1136\u201337 (N.D. Cal.\n2017), for the proposition that \u201c[d]isclosing positive metrics while concealing interrelated negative\nmetrics is a misleading half-truth[.]\u201d (ECF No. 80 at 9.) Shenwick does not support their theory\nhere. In Shenwick, Twitter reported positive growth in its number of monthly average users but\ndid not disclose that its daily average users had drastically decreased. Id. at 1137. There, the\nplaintiff succeeded in alleging that the omission was misleading because the omitted negative fact,\ndeclining daily average user trends, made Twitter\u2019s positive statements that monthly average users\nwere growing at a rapid rate extremely implausible. Id. at 1138. That is not the case with the non-\ndisclosed metric here. Declining close rates would not make an accurate statement about in-home-\nconsultations implausible; the metrics are not linked in the same way. Consultations happen first.\nClose rates could then decrease or increase. While the metrics are linked, in that the number of\nin-home-consultations creates the group of buyers who could conceivably enter a contract, close\nrates also measure interest over a longer\u2014here unspecified\u2014period of time. Lead Plaintiffs\u2019\nfailure to offer a coherent reason that investors would have viewed Defendants\u2019 factually accurate\nstatements as misleading based on the lack of close rate data undermines their fraudulent omission\ntheory.\n Third, Lead Plaintiffs\u2019 remaining arguments are conclusory and unsupported and do not\nsupport the existence of any duty on Defendants\u2019 part to disclose close rates. Lead Plaintiffs first\ncontend that \u201cDefendants cannot escape their admission that consultations can only be understood\nin connection with close rates[.] (ECF No. 80 at 31 (citing ECF No. 66 \u00b6\u00b651\u201352, 67(e)).) Lead\nPlaintiffs effectively assert that Generac was bound to disclose close rates in tandem with in-home-\nconsultation rates because Jagdfeld once mentioned that the two metrics were related in an earnings\ncall. They cite no authority in support of this approach, and the Court will not take it. That\nDefendants sometimes disclosed close rates in the past does not create an ongoing obligation to\ncontinue disclosing them. See Chew, 2024 WL 4346522 at *8 (holding that disclosing a metric or\nexpenditure in the past does not create an obligation to \u201cair every ounce of the corporation\u2019s dirty\nlaundry\u201d). Lead Plaintiffs next pronounce that Defendants\u2019 \u201cstatements were a classic example of\nmisleading half-truths\u201d and cite In re Estee Lauder Co., Inc. Securities Litigation, 23-cv-\n10669(AS) 2025 WL 965686, at *3 (S.D.N.Y. Mar. 31, 2025) in support, with no discussion of\nthe facts of that case or how it applies here. It is not analogous. In Estee Lauder, the misleading\nhalf-truth was that the defendant had a profitable revenue stream in China; the omitted fact was\n\n 19\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 19 of 33 Document 86\n\fthat the revenue came primarily from illegal gray market sales, and that the stream was about to\ndry up due to an imminent government crackdown. Id. at *1\u20133. Here, the allegedly misleading\nomitted fact is not that Generac was selling products improperly. Lead Plaintiffs\u2019 theory is that a\nlower percentage of interested homeowners, out of what had become a much larger group of\npotential buyers, were ultimately deciding to buy a generator. Defendants accurately disclosed the\nincreased group of potential purchasers, as shown by increased in-home-consultations, and that\nsatisfying that potential was creating specific challenges for the company. That is far different\nthan the allegedly concealed facts in Estee Lauder. (See ECF No. 66 \u00b646.) 5\n Overall, Defendants discussed HSB generator lead times, installation rates, and other\nchallenges facing the HSB generator business. Their accurate statements of historical fact did not\nimply a state of affairs that was materially different from what actually existed. Ustian, 2019 WL\n7486835; Kelsey, 2016 WL 825236, at *4; Brody, 280 F.3d at 1006. Lead Plaintiffs have failed to\nallege facts to support their assertion that Defendants\u2019 HSB Statements were misleading because\nthey omitted close rate data during the class period.\n B. Lead Plaintiffs Have Not Alleged Particular Facts Giving Rise to a Strong\n Inference of Scienter.\n Section 10(b) and SEC Rule 10b-5 also require a plaintiff to identify \u201cwith respect to each\nact or omission alleged\u201d the particular \u201cfacts giving rise to a strong inference\u201d that the defendants\nknew their statements were false or misleading or were reckless in disregarding a substantial risk\nof falsity. 15 U.S.C. \u00a778u-4(b)(2)(A); In re Harley-Davidson, Inc. Sec. Litig., 660 F.Supp. 2d 969,\n994 (E.D. Wis. 2009). The required state of mind is \u201can intent to deceive, demonstrated by\nknowledge of the statement\u2019s falsity or reckless disregard of a substantial risk that the statement is\nfalse.\u201d Pension Tr. Fund for Operating Eng\u2019rs v. Kohl\u2019s Corp., 895 F.3d 933, 936 (7th Cir. 2018)\n(quoting Higgenbotham v. Baxter Int\u2019l, Inc., 495 F.3d 753, 756 (7th Cir. 2007)). Courts define\n\u201crecklessness\u201d in this context as a \u201can extreme departure from the standards of ordinary care. . . to\nthe extent that the danger was either known to the defendant or so obvious that the defendant must\nhave been aware of it.\u201d City of Livonia Emps.\u2019 Ret. Sys. & Loc. 295/Loc. 851 v. Boeing Co., 711\n\n\n5\n Lead Plaintiffs also cite three analysts\u2019 reports, which they contend show that Defendants\u2019 statements actually\nmislead investors. (ECF No. 80 at 17 (citing ECF No. 66 \u00b669).) But the cited line from the J.P. Morgan report does\nnot even mention close rates. (ECF No. 66 \u00b669.) Similarly, the William Blair report refers to a specific statement\nabout the impact of a round of pricing on close rates following the increase, not close rates in general. (Id.) While\nthe Oppenheimer report states that \u201crecord dealer levels, close rate and lead generation trends drive standby growth\u201d\n(id.) this one out of context statement cannot carry the day.\n\n 20\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 20 of 33 Document 86\n\fF.3d 754, 756 (7th Cir. 2013). The plaintiff \u201cmust plead facts rendering an inference of scienter\nat least as likely as any plausible opposing inference.\u201d Tellabs, Inc. v. Makor Issues & Rights, Ltd.\n(Tellabs II), 551 U.S. 308, 328 (2007).\n In analyzing scienter at the motion to dismiss stage, the Court must consider the complaint\nin its entirety and determine \u201cwhether all of the facts alleged, taken collectively, give rise to a\nstrong inference of scienter.\u201d Id. at 322\u201323 (emphasis in original). \u201cTo qualify as \u2018strong\u2019 . . . an\ninference of scienter must be more than merely plausible or reasonable\u2014it must be cogent and at\nleast as compelling as any opposing inference of nonfraudulent intent.\u201d Id. at 314. The Court\nmust further consider all plausible, nonculpable explanations for the defendant\u2019s conduct in\ndetermining whether the pleaded facts create a \u201cstrong\u201d inference of scienter. Id. at 323\u201324. This\nanalysis is particularized to each Defendant, at the time each statement was made. Pugh, 521 F.3d\nat 692\u201395. The Court agrees with Defendants that the Second Consolidated Amended Complaint\nfails to plausibly allege facts to support a strong inference of scienter.\n As with their prior pleading, Lead Plaintiffs again ask the Court to infer scienter based on\na number of circumstantial factors common to the leadership of almost any publicly traded\ncompany. Lead Plaintiffs base their scienter allegations on the fact that Jagdfeld and Ragen\ncontrolled Generac\u2019s messaging to the investing public, Generac\u2019s HSB generator business was\ncritically important to its financial success, Defendants closely monitored the HSB generator\nbusiness, Jagdfeld and Ragen made public admissions suggesting they disregarded facts that made\ntheir statements false and misleading, and Jagdfeld and Ragen made stock sales during the Class\nPeriod, thus incentivizing them, through their compensation packages, to inflate Generac\u2019s stock\nprice. (ECF No. 66 \u00b6\u00b6 190\u201393, 196\u2013208, 214\u201320.) As the Court previously explained:\n The inferences Lead Plaintiffs ask this Court to draw would undermine the high\n burden Congress placed on Lead Plaintiffs in the PSLRA. The CEO and CFO of a\n company almost always control its messaging and almost always monitor and make\n public disclosures about key parts of the company\u2019s business. And it is common\n for executive officers to have compensation tied to performance and to make\n transactions in the company\u2019s stock. If these facts were sufficient to infer scienter,\n this necessary element would be satisfied in virtually every securities fraud case\n and the scienter requirements of the PSLRA would be rendered meaningless. Lead\n Plaintiffs generalized allegations of scienter are insufficient to create a strong\n inference that any Defendant made any particular statement with knowledge of or\n a reckless disregard for its falsity.\n\n(ECF No. 63 at 24.)\n\n 21\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 21 of 33 Document 86\n\f Lead Plaintiffs argue that the scienter analysis is more nuanced and their circumstantial\nallegations establish scienter. (ECF No. 80 at 39 (citing Thomas v. Magnachip Semiconductor\nCorp., 167 F.Supp.3d 1029, 1045 (N.D. Cal. 2016).) They contend that the inferential significance\nof any single allegation depends on the entire context. (Id. at 39\u201340 (citing Institutional Invs. Grp.\nv. Avaya, Inc., 564 F.3d 242, 273 (3d Cir. 2009).) Lead Plaintiffs are obviously correct in principle.\nBut their scienter allegations and argument lump all three theories and all three categories of\nallegedly misleading statements together. This ignores the requirement that allegations of scienter\nbe particularized to the actual conduct or statement alleged to be fraudulent or misleading. Under\nthe PSLRA, Lead Plaintiffs are obligated to make particularized allegations \u201cwith respect to each\nact or omission alleged\u201d to be false or misleading. 15 U.S.C. \u00a778u-4(b)(2)(A).\n Tellabs II requires that scienter allegations be read as a whole and permits a group of less\nprecise allegations to be read together within a holistic review. 551 U.S. at 322. But the Supreme\nCourt did not suggest that a plaintiff pleading multiple legal theories involving disparate parts of\na business and wholly unrelated statements would properly plead scienter by grouping all their\nallegations of scienter together. In Makor Issues & Rights, Ltd. v. Tellabs, Inc. (Tellabs III), 513\nF.3d 702, 706\u201307 (7th Cir. 2008), before the Seventh Circuit on remand, the plaintiffs alleged that\nthe defendant\u2019s executives made materially false statements about two telecommunications\nswitching systems that were the company\u2019s principal products: a new version that customers had\nrejected, and an old version that had greatly reduced sales. Many of the challenged statements\ndiscussed both products. Id. at 706. The statements were related to the same theory based on\nrelated statements in one area of the company\u2019s business. That is far different than the pleading\npresented to this Court.\n Lead Plaintiffs\u2019 citation of Thomas also does not help them. The Thomas plaintiffs\nadvanced a single theory based on false statements related to fraudulent accounting practices. 167\nF.Supp.3d at 1037. In concluding that the plaintiffs sufficiently pleaded scienter, the district court\nreviewed statements related to that single theory and single category of statements. Id. at 1036\u2013\n37; 1041\u201345. It did not need to consider allegations of scienter about unrelated statements and\nunrelated areas of the defendant company\u2019s business. See id. at 1041\u201345. Lead Plaintiffs do not\nidentify any authority that would support applying scienter allegations across multiple legal\ntheories involving unrelated statements in one all-encompassing analysis.\n\n\n\n 22\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 22 of 33 Document 86\n\f Lead Plaintiffs\u2019 remaining scienter arguments also fail to carry their burden. They argue\nthat the HSB and solar product businesses were critical to Generac\u2019s core operations, and therefore\nscienter is supported because the Court can assume Ragen and Jagdfeld were aware of facts critical\nto these parts of Generac\u2019s business. (ECF No. 80 at 42.) But courts have recognized that the core\noperations doctrine alone is generally insufficient to plead scienter under the PSLRA. See S. Ferry\nLP, No. 2 v. Killinger, 542 F.3d 776, 784 (9th Cir. 2008) (explaining that total reliance on a core-\noperations inference absent other particularized supporting allegations is insufficient to plead\nscienter). Lead Plaintiffs next assert that the magnitude of the problem, the 40% decline in close\nrates, supports an inference of scienter. (ECF No. 80 at 43 (citing Azar v. Grubhub, Inc., Case No.\n1:19-cv-07665, 2021 WL 4077327, at *5 (N.D. Ill. Sep. 7, 2021).) As explained in the Court\u2019s\nprior order, however, Lead Plaintiffs\u2019 allegations offer no plausible reason for the Defendants to\nhave believed that disclosing admittedly accurate statements about positive metrics, which resulted\nin actual increases in sales, required them to disclose a different negative metric. (ECF No. 63 at\n19.)\n Lead Plaintiffs also assert that Defendant\u2019s post class period admissions support a strong\ninference of scienter. (ECF No. 80 at 43.) They point to allegations in which they contend Jagdfeld\nadmitted that dealer inventory was well above healthy levels, and that leadership knew about the\n\u201cnegative impact on close rates,\u201d and that close rates had \u201cbottomed\u201d out in early 2022. (Id. at\n43\u201344 (citing ECF No. 66 \u00b6\u00b6177, 203\u201308, 47\u201355, 207.)) Lead Plaintiffs have still not provided\nparticularized allegations supporting a strong inference that Jagdfeld knew that declining close\nrates at the time was the real issue threatening the HSB business, and not the lack of installation\ncapacity, seasonal increases in dealer inventory, or increased lead times that he discussed in his\nstatements. Lead Plaintiffs again effectively allege \u201cfraud by hindsight.\u201d See Tellabs II, 551 U.S.\nat 320 (quoting Shields v. Citytrust Bancorp, Inc., 225 F.3d 1124, 1129 (2d Cir. 1994)).\n Lead Plaintiffs next try to seize upon what they characterize as Defendants\u2019 unusual stock\nsales to support scienter. (ECF No. 80 at 44\u201345 (citing ECF No. 63 at 24).) Lead Plaintiffs note\nthat Ragen\u2019s sales occurred on November 11, 2021, but they do not specify when Jagdfeld\u2019s sales\noccurred, merely that he sold stock in multiple rounds throughout the Class Period. (ECF No. 66\n\u00b6\u00b6217\u201318.) These allegations continue to lack specifics sufficient to support a finding of scienter\nunder the PSLRA. Lead Plaintiffs do not specify whether Ragen or Jagdfeld made similar sales in\nother years, and if they did, whether this pattern of sales appears unusual. As the Seventh Circuit\n\n 23\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 23 of 33 Document 86\n\fhas explained, because executives sell stock frequently, stock sales must generally be shown to be\nunusual or suspicious to provide circumstantial evidence of scienter. Pension Tr. for Operating\nEng\u2019rs, 895 F.3d at 940 (citing Pugh, 521 F.3d at 695). Courts have required more context to\ndraw an inference of scienter or for the sales themselves to appear so suspicious that they\n\u201cresembled a smoking gun.\u201d Id. As described in the Second Consolidated Amended Complaint,\nthese stock sales do not raise a strong inference of scienter. Similarly, Lead Plaintiffs\u2019 related\nallegations that Jagdfeld and Ragen did not purchase Generac stock while it was priced high are\nnot compelling evidence of scienter. (ECF No. 66 \u00b6\u00b6217\u201318.) Their compensation structures\nincluded stock options. (Id. \u00b6219.) It would be unusual for them to purchase Generac stock in\nthis context.\n Lead Plaintiffs newly allege that Jagdfeld and Ragen signed certifications pursuant to the\nSarbanes-Oxley Act of 2002 (\u201cSOX\u201d) show that they acted with fraudulent intent. (ECF No. 66\n\u00b6\u00b6194\u201395.) Lead Plaintiffs do not expound on the significance of these signed certifications in\ntheir briefing. Other courts have noted that similar allegations are not sufficient on their own but\ncan be relevant combined with other allegations. See Zucco Partners, LLC v. Digimarc Corp., 552\nF.3d 981, 1003\u201304 (9th Cir. 2009) (signatures of SOX certifications are not \u201csubstantial\u201d in the\nscienter calculus). Other courts have noted that certifications are only probative of scienter where\nplaintiffs also allege additional facts showing that, at the time the certifications were made, the\ndefendants knew or were reckless in failing to recognize that internal controls and procedures were\nineffective. In re Hertz Glob. Holdings Inc., 905 F.3d 106, 118 (3d Cir. 2018); In re Ceridian\nCorp. Sec. Litig., 542 F.3d 240, 248 (8th Cir. 2008) (finding SOX certifications regarding internal\ncontrols unpersuasive in the scienter analysis where the plaintiffs did not allege specific facts from\nwhich the court could infer that the individuals knew that the company's \u201cinternal accounting\ncontrols were deficient\u201d when they made the certifications); In re Baxter Int\u2019l Inc. Sec. Litig., No.\n19 C 7786, 2021 WL 100457, at *15 (N.D. Ill. Jan. 12, 2021). Lead Plaintiffs make no such\nallegations in their Second Consolidated Amended Complaint, and in connection with this\nallegation about SOX certifications assert only that none of the Defendants have claimed that the\nrepresentations in the certifications were untrue. (ECF No. 66 \u00b6\u00b6194\u201395.) Because there are no\nadditional allegations, the SOX certifications do not suggest scienter.\n In the end, the Second Consolidated Amended Complaint fails to connect the dots again.\nThe various allegations do not give rise to a cogent and compelling inference of scienter. Instead,\n\n 24\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 24 of 33 Document 86\n\fthe competing inference\u2014that Defendants Jagdfeld and Ragen believed that the accurate metrics\nthey disclosed suggested the potential for increased sales, and that the lack of installation capacity\nand long lead times were the bigger problems facing Generac\u2019s HSB business\u2014is more\ncompelling.\nII. The Second Consolidated Amended Complaint Fails to Remedy the Previously\n Identified Pleading Deficiencies as to Lead Plaintiffs\u2019 Alternate Theories.\n As Defendants note, Lead Plaintiffs\u2019 second and third theories are substantially unchanged.\nThe Second Consolidated Amended Complaint, like the prior Complaint, alleges that Defendants\nmisled investors by failing to disclose a product defect in Generac\u2019s SnapRS device and by making\nstatements touting the growing breadth of Generac\u2019s clean energy distribution networks, while\nconcealing the fact that solar sales were highly concentrated in a single dealer. (ECF No. 66 \u00b6\u00b670\u2013\n136.) Defendants assert that Lead Plaintiffs again fail to plead falsity, scienter, materiality, or loss\ncausation as to either theory. (ECF No. 74 at 26\u201336.) Like the First Consolidated Amended\nComplaint, the Second Consolidated Amended Complaint fails to allege a materially false or\nmisleading statement as to either theory.\n A. Lead Plaintiffs Again Fail to Plausibly Allege that Defendants Knew of the\n Scope or Severity of the SnapRS Defect at the Time the Challenged Statements\n Were Made.\n In support of their second theory, Lead Plaintiffs highlight statements from Generac\u2019s Form\n10-Q and Form 10-K filings. Lead Plaintiffs allege that in these filings, Defendants made\n\u201cboilerplate\u201d statements of risks that could occur as a result of product liability claims or recalls.\n(ECF No. 66 \u00b6\u00b698(a)\u2013(c), 104, 106, 108.) They assert that these warnings in Generac\u2019s 2021 Form\n10-K were substantially the same as warnings from previous years, despite the fact that Defendants\nwere aware that the SnapRS units were defective. (Id. \u00b6\u00b6 98\u201399.) They further point to a statement\nin the 2021 Form 10-K directing investors to Generac\u2019s website, which during the Class Period\ncontained a brochure that described the SnapRS Rapid Shutdown Device as \u201cSAFE\u201d and \u201crapid\nshutdown compliant,\u201d which Lead Plaintiffs assert was false or misleading considering the\nwidespread failures, house fires, indemnification of Pink Energy, and the development of new\nSnapRS 802 units to replace all existing SnapRS units. (Id. \u00b6108\u2013109.) Lead Plaintiffs also point\nto Generac\u2019s Q1 2022 and Q2 2022 Form 10-Q, which stated that \u201c[t]here have been no material\nchanges in our risk factors\u201d since the filing of the 2021 Form 10-K. (Id. \u00b6\u00b6104, 106.) Lead\nPlaintiffs contend that this language should have been modified to inform investors of the SnapRS\n\n 25\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 25 of 33 Document 86\n\fdefect and the resulting reputational damage and increased warranty costs and liabilities that had\nalready occurred. (Id. \u00b6\u00b6 105, 107.) Last, the Second Consolidated Amended Complaint quotes\nGenerac\u2019s April 26, 2022 Environmental, Social and Governance (ESG) Report, signed by\nJagdfeld, which stated under the \u201cProduct Safety\u201d heading that Generac \u201cmaintains a robust\nproduct safety function\u201d and \u201cregularly reviews any safety concerns associated with products in\nthe field, including potential product recalls.\u201d (Id. \u00b6101.)\n Lead Plaintiffs argue that these challenged statements were false or misleading because the\nstatements failed to disclose the existing defects with the SnapRS units, which were known to\nDefendants at the time. (ECF No. 80 at 32\u201334.) Defendants disagree and assert that the Second\nConsolidated Amended Complaint fails to allege that Defendants\u2019 statements regarding the\nSnapRS defect were false or misleading for the same reasons previously recognized by this court.\n(ECF No. 74 at 27\u201331.)\n As the Court explained in its prior order, a publicly traded company has a duty to disclose\na product defect when it knows the scope and severity of the defect is material to the company\u2019s\nfinancial disclosures. (ECF No. 63 at 26 (citing Pierrelouis v. Gogo, Inc. (Gogo I), 414 F.Supp.3d\n1164, 1173\u201374 (N.D. Ill. 2019)).) However, like all allegations of falsity, \u201ca duty to disclose a\nproduct defect cannot be pleaded in general terms.\u201d (Id.) Considering the allegations in the First\nConsolidated Amended Complaint, the Court concluded that Lead Plaintiffs failed to make\nspecific, particularized allegations that supported a finding that Defendants were aware of a\nmaterial defect involving the SnapRS units at the time they made the challenged statements. (Id.\nat 26\u201327.) The Court likened Lead Plaintiffs\u2019 allegations to support their SnapRS defect theory to\nthe plaintiff investors\u2019 claims in Gogo I, which involved a defendant company\u2019s delay in disclosing\nto investors the malfunctioning of its new in-flight internet service. (Id.) The court in Gogo I\ndismissed the first complaint, concluding the plaintiff investors had failed to allege \u201cwhen the\n[defect] manifested itself as such a severe problem as to make defendants\u2019 statements to investors\nmisleading.\u201d 414 F.Supp.3d at 1175. While the plaintiff investors had argued that the seriousness\nof the defect \u201cmust have been apparent long before\u201d the defendants eventually disclosed it, the\ncourt concluded that plaintiffs had failed to provide particularized factual allegations to make their\nclaims that the defendants knew the statements were false or misleading when made \u201cplausible,\nrather than merely possible.\u201d Id. at 1173, 1175.\n\n\n\n 26\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 26 of 33 Document 86\n\f Concluding that the First Consolidated Amended Complaint failed to allege a false or\nmisleading statement in support of Lead Plaintiffs\u2019 SnapRS defect theory, this Court explained\nthat:\n Lead Plaintiffs need to plausibly plead, with particularity, that the SnapRS defect\n prevalence was of sufficient magnitude, and sufficiently known to Defendants, that\n their statements were false, misleading, or without a reasonable basis at the time\n they were made. See [Gogo I], 414 F.Supp.3d at 1174. The [First] Consolidated\n Amended Complaint fails to provide sufficiently specific and detailed information\n about when Defendants were not only aware of the pervasiveness of the defect, but\n also that it would expose them to the \u201cincreased liabilities, warranty claims, and\n reputational harm\u201d alleged by Lead Plaintiffs. (See e.g. ECF No. 42 \u00b6137). The\n Consolidated Amended Complaint fails to tie specific allegations to specific\n statements made by Defendants that would plausibly render them materially\n misleading at the time they were made.\n\n(Id. at 27.) The Court further noted that \u201c[t]he relatively minor revenue associated with Generac\u2019s\nsolar product line further undercuts Lead Plaintiffs\u2019 theory.\u201d (Id. at 27\u201328 (citing Harley-\nDavidson, 660 F.Supp.2d at 984; Anderson, 140 F.Supp.2d at 903).) Noting that the Seventh\nCircuit has recognized a 5% change in revenue or income as a basic \u201crule-of-thumb\u201d for\ndetermining materiality, the Court concluded that \u201cthe relatively small revenues generated by\nGenerac\u2019s solar sales make omission of a defect in one component of the PWRcell system\nsubstantially less likely to mislead reasonable investors.\u201d (Id. at 28 (citing Higginbotham v. Baxter\nInt\u2019l, Inc., 495 F.3d 753, 759 n.\u2020 (7th Cir. 2007)).)\n Lead Plaintiffs assert that their amendments cure the issues previously identified by the\nCourt. They first invoke Pierrelouis v. Gogo, Inc. (Gogo II), No. 18C4473, 2021 WL 1608342\n(N.D. Ill. Apr. 26, 2021). (ECF No. 80 at 37\u201339.) In Gogo II, the court considered whether the\nplaintiff-investors\u2019 amended complaint remedied the shortcomings identified in Gogo I. 2021 WL\n1608342 at *5\u20136. The amended complaint in Gogo II added several new factual allegations\ndetailing the specifics of the defect that defendants allegedly concealed from the investing public.\nSee id. at *1\u20133. Specifically, the amended complaint added allegations made by former employees\ndemonstrating that the defect manifested prior to the class period, that it was pervasive, and that\nthe defendants were aware of its scope and severity at the time the challenged statements were\nmade. Id. The court concluded that these new, concrete allegations were sufficiently particular to\nsupport an inference that the defect was of a \u201csufficient magnitude\u201d to make defendants\u2019 statements\nmisleading at the time they were made. Id. at *6.\n\n 27\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 27 of 33 Document 86\n\f Plaintiffs\u2019 reliance on Gogo II is misplaced. The amended complaint in Gogo II added\nseveral new allegations of statements by five former employees demonstrating with particularity\nwhen the defect emerged, that the defendants were aware of the defect, and the severity of the\ndefect. See 2021 WL 1608342 at *1\u20133. Unlike the amended complaint in Gogo II, Lead Plaintiffs\u2019\nSecond Consolidated Amended Complaint mostly repeats allegations previously deemed\ninsufficient by this Court. As they did in the first complaint, Lead Plaintiffs allege that SnapRS\nunits were later determined to have caused two residential fires in August 2021, (ECF No. 66 \u00b6\u00b682,\n85), that Pink Energy and other dealers had notified Generac of the defect, (id. \u00b6\u00b678\u201381), that\nGenerac attempted to address the issue with a firmware patch and updated models, (id. \u00b6\u00b686\u201388,\n93\u201394, 100), that Generac sent a letter to Pink Energy customers, (id. \u00b6103), that Generac agreed\nto indemnify Pink Energy, (id. \u00b695), and that nearly half of Pink Energy\u2019s customers experienced\nissues with their SnapRS units, (id. \u00b696). For the reasons explained in the Court\u2019s previous order,\nthese allegations fail to support a plausible inference that Defendants were aware of a material\ndefect involving the SnapRS device at the time they made the challenged statements because they\nfail to provide specific, particularized facts demonstrating when Defendants became aware of the\nsignificance or pervasiveness of the defect. (See ECF No. 63 at 26\u201327.)\n The Second Consolidated Amended Complaint adds only two new factual allegations in\nsupport of their SnapRS defect theory. First, Lead Plaintiffs newly allege that Generac reported a\n\u201cpotential defect\u201d in its SnapRS defect to the CPSC on November 23, 2021. (ECF No. 66 \u00b688).\nBut as Defendants note, an obligation to submit such a report under the Consumer Product Safety\nAct arises whenever a company \u201cobtains information which could reasonably support\u201d the\nexistence of a product defect that \u201ccould create\u201d a substantial risk of injury to the public. See 15\nU.S.C. \u00a72064(b)(3), (a)(2); (ECF No. 74 at 29\u201330). The accompanying regulations also permit a\ncompany to \u201cspecifically deny\u201d that the information it submits reasonably supports the conclusion\nthat its product contains a defect. See 16 C.F.R. \u00a71115.12(a). Lead Plaintiffs do not allege whether\nRagen and Jagdfeld were even aware of the report or its contents. Given that the reporting\nrequirements of 15 U.S.C. \u00a72064(b) are easily triggered to encourage precautionary over-\nreporting, the mere existence of the CPSC report, without more, does not demonstrate that\nDefendants were aware the challenged statements were materially misleading at the time they were\nmade. See United States v. Spectrum Brands, Inc., 218 F.Supp.3d 794, 820\u201321 (W.D. Wis. 2016)\n(noting that a company\u2019s reporting obligation under the CPSC is easily triggered whenever a\n\n 28\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 28 of 33 Document 86\n\fcompany becomes aware of a substantial hazard posed by the product to the public and that a\nsubstantial hazard could consist of a minor risk that is widespread because of the prevalence of a\nproduct). Lead Plaintiffs analogize this new allegation to the additional allegations presented in\nGogo II. (ECF No. 80 at 10.) Again, the new information at issue in Gogo II was multiple\nemployees explaining that the company\u2019s leadership knew the magnitude of the failure of the\ncompany\u2019s new in-flight Wi-Fi device and when. See 2021 WL 1608342 at *1\u20133. In contrast, this\nnew allegation is merely that Generac recognized it might have a significant enough problem to\nwarrant filing a report, the contents of which are unknown, under the Consumer Product Safety\nAct.\n Second, Lead Plaintiffs newly allege that Generac instituted a \u201cSnapRS replacement\nprogram,\u201d the goal of which was to ultimately replace all SnapRS 801 and 801A units with the\nupdated 802 model. (ECF No. 66 \u00b6100 (\u201cIn or around April 2022 . . . Generac released its third\nattempted fix, the SnapRS 802 and shortly thereafter instituted the SnapRS replacement program,\nthe goal of which was to ultimately replace all SnapRS 801 and 801A devices with SnapRS 802\ndevices.\u201d (cleaned up)).) They allege that this program \u201cresulted in the replacement of more than\n500,000 SnapRS 801 and 801A devices,\u201d citing to a declaration submitted on October 21, 2024.\n(Id. \u00b6100 n.26 (citing \u201cDeclaration of Michael Morris, In re: Generac Solar Power Sys. Mktg.\nSales Pracs. & Prods. Liab. Litig., Case No. 23-md-3078, ECF No. 54 \u00b6\u00b612, 14 (E.D. Wis. Oct.\n21, 2024).)) This new allegation also does not permit a plausible inference that Defendants knew\nthat the challenged statements were misleading when made, as Lead Plaintiffs fail to allege when\nthe SnapRS replacement program began. The Court cannot conclude that \u201cshortly thereafter\u201d\nApril 2022 is sufficiently particularized to make plausible, rather than merely possible, Lead\nPlaintiffs\u2019 claim that Defendants knew the challenged statements were misleading when made.\nAdditionally, the fact that this program ultimately resulted in the replacement of more than 500,000\nSnapRS 801 and 801A units by October 2024 does not show what proportion of replacements were\nmade during the Class Period and when they were made in relation to the challenged statements.\nLead Plaintiffs fail to adequately plead a materially false or misleading statement.\n In sum, Lead Plaintiffs\u2019 new allegations do not cure the previously identified pleading\ndeficiencies. The Second Consolidated Amended Complaint fails to state a claim as to Lead\nPlaintiff\u2019s SnapRS defect theory.\n\n\n\n 29\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 29 of 33 Document 86\n\f B. Lead Plaintiffs Again Fail to Plausibly Allege that Defendants\u2019 Failure to\n Disclose Pink Energy\u2019s Share of Generac\u2019s Solar Sales Rendered the\n Challenged Statements Materially False or Misleading.\n To support their final theory, Lead Plaintiffs highlight several statements 6 made by\nDefendants in Generac\u2019s SEC filings disclosing its efforts to expand its distribution network, (ECF\nNo. 66 \u00b6\u00b6123, 125, 126, 127, 129, 131, 133), and statements by Jagdfeld in earnings calls updating\nthe investing public on the number of clean energy dealers, (id. \u00b6\u00b6122, 124, 126, 128, 130, 132).\nLead Plaintiffs do not allege any of the challenged statements are themselves false, but instead\nargue that the statements were materially misleading because they emphasized that Generac had\n\u201cexpanded and built out\u201d a \u201cbroad\u201d distribution network for its solar energy products, which\ncreated \u201ca false impression\u201d that Generac had a diversified base of solar dealer customers, but\nfailed to disclose that half of Generac\u2019s solar sales were highly concentrated in a single dealer,\nPink Energy. (Id. \u00b6134.)\n In dismissing the First Consolidated Amended Complaint, the Court noted that \u201cmany of\nthe quoted statements Lead Plaintiffs offer [did] not relate specifically to Generac\u2019s solar\nproducts,\u201d but rather concerned \u201cGenerac\u2019s overall installer network and distribution partners,\nencompassing all Generac products or all residential products, of which Generac\u2019s solar products\nwere but a small part.\u201d (ECF No. 63 at 29.) The Court explained that:\n Upon closer examination, only a small handful of statements address \u201cclean\n energy\u201d dealers. These statements include reports that the company had \u201cbuilt out\u201d\n its \u201cclean energy installer network\u201d at the end of year \u201cwith nearly 2,500 trained\n and certified dealers\u201d and had \u201cbeen leveraging these dealer development practices\n to assist in growing our base of solar contractors that sell, install and service our\n PWRcell energy storage systems.\u201d (ECF No. 42 \u00b6\u00b6163(a), 164(c).) None of these\n statements speaks to the concentration or lack of concentration of sales in or among\n Generac\u2019s PWRcell product dealers.\n\n A statement is made misleading by omission only if that omission \u201cmake[s] the\n statement so incomplete as to be misleading.\u201d Harley-Davidson, 660 F.Supp.2d at\n 984 (quoting Anderson, 140 F.Supp.2d at 903). Generalized statements concerning\n the breadth of Generac\u2019s dealership base were not incomplete simply because they\n failed to disclose the concentration of sales within that base. \u201cOmitting one detail\u2014\n even a significant one\u2014[does not] render the whole story inaccurate or\n\n\n6\n All fifteen of these challenged statements were previously alleged in the First Consolidated Amended Complaint.\n(Compare ECF No. 66 \u00b6\u00b6122, 123(a)\u2013(b), 124, 125, 126, 127, 128, 129(a), (b), 130(a), (b), 131, 132, 133 with ECF\nNo. 42 \u00b6\u00b6155(a), 156(a), (c), 157(a), 158(b), 160, 161(b), 163, 164(a), (f), 166(a), (b), 167(b), 169(a), 170(b).) Aside\nfrom minor changes in quoted language and emphasis, Lead Plaintiffs\u2019 third theory is substantially unchanged.\n\n 30\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 30 of 33 Document 86\n\f misleading.\u201d In re Supreme Indus., Inc. Sec. Litig., No. 17-CV-146-PPS/MMG,\n 2019 WL 1436022, at *3 (N.D. Ill. Mar. 29, 2019).\n\n(Id. at 29\u201330.) The same is true for the Second Consolidated Amended Complaint. The challenged\nstatements made in Generac\u2019s Form 10-Q and Form 10-K filings, (ECF No. 66 \u00b6\u00b6123, 125, 127,\n129, 131, 133), objectively concerned Generac\u2019s overall installer network and distribution\npartners, which cannot be considered incomplete simply because they failed to disclose that sales\nof its solar energy products were concentrated in one dealer. As for the remaining statements\ndiscussing the company\u2019s clean energy products more specifically, (id. \u00b6\u00b6122, 124, 126, 128, 130,\n132), reports that Generac had \u201cbuilt out\u201d its \u201cclean energy installer network\u201d updating the\ninvesting public on the number of trained and certified dealers again describe nothing regarding\nthe concentration or lack thereof in dealers of Generac\u2019s solar products. Omitting that fact does\nnot render the statements false or misleading.\n Lead Plaintiffs resist this conclusion. They point to new allegations in the Second\nConsolidated Amended Complaint that diversification of the company\u2019s customer base was\nmaterial to the stock price, (id. \u00b6\u00b6112\u2013113), as well as an allegation that Defendants were able to\n\u201ceasily monitor sales by solar dealer through Generac\u2019s Powerplay Clean Energy\u2019 . . . sales\nprogram,\u201d (id. \u00b6114). Neither amendment renders the challenged statements false or misleading.\nThat diversification of dealers could have been material to investors does not render generalized\nstatements concerning Generac\u2019s dealership base false or misleading. Nor does the Defendants\u2019\naccess to the Powerplay CE program alter the outcome. At most, Lead Plaintiffs are alleging that\nthe individual defendants could use this program to monitor sales of Generac\u2019s clean energy\nproducts. The Second Consolidated Amended Complaint does not allege that Defendants could,\nor did, monitor dealer concentration via this program. Nor does pleading that Defendants may\nhave had access to this data, \u201cwithout describing specific documents containing that data or\notherwise alleging that the data was available to the defendants in some specific form,\u201d show that\nthe challenged statements were misleading when made for omitting information related to that\ndata. See Gogo I, 414 F.Supp.3d at 1174\u201375.\n Lead Plaintiffs assert that Defendants had a duty to disclose that solar sales were highly\nconcentrated through just one dealer. (ECF No. 80 at 34\u201335 (citing Beaver Cnty. Emps.\u2019 Ret. Fund\nv. Tile Shop Holdings, Inc., 94 F.Supp.3d 1035, 1048 (D. Minn. 2015)).) As Defendants note,\nLead Plaintiffs misread Tile Shop Holdings. In that case, the court considered whether the\n\n 31\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 31 of 33 Document 86\n\fdefendant company had a duty to disclose that it purchased a significant volume of its products\nfrom a single supplier controlled by a related person under Item 303 of Regulation S-K. 94\nF.Supp.3d at 1047\u201348. Because Lead Plaintiffs are no longer proceeding on their claim that\nGenerac violated Item 303 of SEC Regulation S-K, (see ECF No. 63 at 22 n.4), their citation to\nTile Shop Holdings is inapplicable here. Lead Plaintiffs do not cite, nor is the Court aware of, any\nbinding precedent establishing that Defendants had an affirmative duty to disclose that Generac\u2019s\nsolar sales were concentrated in a single dealer.\n Last, as with the First Consolidated Amended Complaint, the challenged statements cannot\nbe considered material. As previously noted, \u201cLead Plaintiffs\u2019 inclusion of multiple statements\ndiscussing Generac\u2019s dealer base across its operations highlights the lack of materiality to\nDefendants\u2019 alleged omissions.\u201d (ECF No. 63 at 30.) Because solar sales account for only a small\nportion of Generac\u2019s revenue, and because Defendants\u2019 disclosures concerning their dealership\nnetwork related to their network across all product lines, the failure to disclose that one solar\nenergy dealer accounted for a significant portion of Generac\u2019s moderate solar energy-related sales\ncould not have been viewed by the reasonable investor as having \u201csignificantly altered the \u2018total\nmix\u2019 of information made available.\u201d Siracusano, 563 U.S. at 38 (quoting Basic Inc. v. Levinson,\n485 U.S. 224, 231\u201332 (1988)). The Second Consolidated Amended Complaint fails to state a\nclaim as to Lead Plaintiff\u2019s dealer over-concentration theory.\n\n\n\n\n 32\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 32 of 33 Document 86\n\f CONCLUSION\n For the reasons explained above, the Second Consolidated Amended Complaint fails to\nplead a violation of Section 10(b) and Rule 10b-5 on any of Lead Plaintiffs\u2019 theories. As Lead\nPlaintiffs have already been given an opportunity to amend, the Court will dismiss this matter with\nprejudice and direct the Clerk of Court to enter final judgment.\n Accordingly,\n IT IS HEREBY ORDERED that Defendants\u2019 Motion for Consideration of Certain\nDocuments Under the Incorporation by Reference Doctrine, ECF No. 76, is GRANTED.\n IT IS FURTHER ORDERED that Defendants\u2019 Motion to Dismiss the Second\nConsolidated Amended Complaint, ECF No. 73, is GRANTED. The Second Consolidated\nAmended Complaint is DISMISSED WITH PREJUDICE for failure to state a claim. The Clerk\nof Court shall enter final judgment accordingly.\n\n Dated at Milwaukee, Wisconsin on April 30, 2026.\n\n s/ Brett H. Ludwig\n BRETT H. LUDWIG\n United States District Judge\n\n\n\n\n 33\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 33 of 33 Document 86\n\f","ocr_status":1,"date_upload":"2026-05-07T12:06:36.952900-07:00","document_number":"86","attachment_number":null,"pacer_doc_id":"20306072183","is_available":true,"is_free_on_pacer":true,"is_sealed":null,"document_type":1,"description":"Order on Motion for Consideration AND Order on Motion to Dismiss","acms_document_guid":""}],"date_created":"2026-04-30T09:21:11.923790-07:00","date_modified":"2026-06-25T04:22:55.652254-07:00","date_filed":"2026-04-30","time_filed":"10:22:47","entry_number":86,"recap_sequence_number":"2026-04-30.001","pacer_sequence_number":296,"description":" ORDER signed by Judge Brett H Ludwig on 4/30/26 that Defendants' Motion for Consideration of Certain Documents Under the Incorporation by Reference Doctrine 76 is GRANTED. Defendants' Motion to Dismiss the Second Consolidated Amended Complaint 73 is GRANTED. The Second Consolidated Amended Complaint is DISMISSED WITH PREJUDICE for failure to state a claim. (cc: all counsel)(jad)","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/462509274/","id":462509274,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/477625910/","id":477625910,"tags":[],"absolute_url":"/docket/66582470/87/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2026-04-30T09:21:11.724682-07:00","date_modified":"2026-06-25T07:07:58.587708-07:00","sha1":"03fccdf9c85b0444fd0e17e4bede505dc6ed8d45","page_count":1,"file_size":167024,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.87.0.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.87.0.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" UNITED STATES DISTRICT COURT\n EASTERN DISTRICT OF WISCONSIN\n\n\n\n\nCITY PENSION FUND FOR FIREFIGHTERS\nAND POLICE OFFICERS IN THE CITY OF\nTAMPA BAY and CITY OF MIAMI FIRE\nFIGHTERS\u2019 AND POLICE OFFICERS\u2019\nRETIREMENT TRUST, Individually and on\nBehalf of All Others Similarly Situated,\n\n Plaintiffs,\n JUDGMENT IN A CIVIL CASE\n\n v. Case No. 22-cv-1436-bhl\n\nGENERAC HOLDINGS INC., et al.\n\n Defendants.\n\n\n\u2610 Jury Verdict. This action came before the Court for a trial by jury. The issues have been\n tried and the jury has rendered its verdict\n\n\u2612 Decision by Court. This action came before the Court for consideration. The Court has\n decided the issues and rendered a decision.\n\n IT IS HEREBY ORDERED AND ADJUDGED that this consolidated action is\ndismissed and Plaintiffs recover nothing.\n\n\n\n Dated at Milwaukee, Wisconsin on April 30, 2026.\n\n LINDA M. KLEMM\n Clerk of Court\n\n s/ Julie D.\n (By) Deputy Clerk\n\n\n\n\n Case 2:22-cv-01436-BHL Filed 04/30/26 Page 1 of 1 Document 87\n\f","ocr_status":1,"date_upload":"2026-06-24T06:26:23.570622-07:00","document_number":"87","attachment_number":null,"pacer_doc_id":"20306072190","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":1,"description":"Judgment","acms_document_guid":""}],"date_created":"2026-04-30T09:21:11.699300-07:00","date_modified":"2026-05-11T22:24:48.986746-07:00","date_filed":"2026-04-30","time_filed":"10:23:42","entry_number":87,"recap_sequence_number":"2026-04-30.002","pacer_sequence_number":299,"description":"JUDGMENT signed by Deputy Clerk on 4/30/26. 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Generac Holdings, Inc., et al., No. 24-cv-00240-PP (E.D. Wisc. Feb. 3, 2026))(Vallette, Jacqueline)","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/452008868/","id":452008868,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/466867409/","id":466867409,"tags":[],"absolute_url":"","date_created":"2026-01-29T09:22:51.902790-08:00","date_modified":"2026-01-29T09:22:51.910674-08:00","sha1":"","page_count":null,"file_size":null,"filepath_local":null,"filepath_ia":"","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":"","ocr_status":null,"date_upload":null,"document_number":"","attachment_number":null,"pacer_doc_id":"","is_available":false,"is_free_on_pacer":null,"is_sealed":null,"document_type":1,"description":"Terminate Attorney - Notice Parties","acms_document_guid":""}],"date_created":"2026-01-29T09:22:51.884120-08:00","date_modified":"2026-01-29T09:22:51.884143-08:00","date_filed":"2026-01-29","time_filed":"11:13:49","entry_number":null,"recap_sequence_number":"2026-01-29.001","pacer_sequence_number":null,"description":"","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/451863329/","id":451863329,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/466716711/","id":466716711,"tags":[],"absolute_url":"/docket/66582470/84/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2026-01-28T10:19:53.434697-08:00","date_modified":"2026-05-11T22:24:48.767974-07:00","sha1":"","page_count":null,"file_size":null,"filepath_local":null,"filepath_ia":"","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":"","ocr_status":null,"date_upload":null,"document_number":"84","attachment_number":null,"pacer_doc_id":"20305984515","is_available":false,"is_free_on_pacer":null,"is_sealed":null,"document_type":1,"description":"Notice of Withdrawal by Attorney","acms_document_guid":""}],"date_created":"2026-01-28T10:19:53.397826-08:00","date_modified":"2026-05-11T22:24:48.743240-07:00","date_filed":"2026-01-28","time_filed":"11:43:15","entry_number":84,"recap_sequence_number":"2026-01-28.001","pacer_sequence_number":290,"description":"NOTICE of Withdrawal by John D Blythin on behalf of City Pension Fund for Firefighters and Police Officers in the City of Tampa.Attorney Jesse Fruchter to be termed. (Blythin, John)","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/435882059/","id":435882059,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/450309270/","id":450309270,"tags":[],"absolute_url":"/docket/66582470/83/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2025-08-26T10:21:39.219585-07:00","date_modified":"2026-06-25T02:46:10.172059-07:00","sha1":"36033a2ab30519042732f3c79079855e4a3c832d","page_count":3,"file_size":143894,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.83.0.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.83.0.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" UNITED STATES DISTRICT COURT\n\n EASTERN DISTRICT OF WISCONSIN\n\n\n\nOAKLAND COUNTY VOLUNTARY\nEMPLOYEES\u2019 BENEFICIARY\nASSOCIATION, et al., Individually and on\nBehalf of All Others Similarly Situated, Civil No. 2:22-cv-01436-bhl (Consolidated\n with Civil No. 2:23-cv-00081-bhl)\n Plaintiff,\n CLASS ACTION\n vs.\n\nGENERAC HOLDINGS INC., et al.,\n\n Defendants.\n\n\n\n PLAINTIFFS\u2019 NOTICE OF SUPPLEMENTAL AUTHORITIES\n\n\n\n\n4922-4915-1586.v1\n Case 2:22-cv-01436-BHL Filed 08/26/25 Page 1 of 3 Document 83\n\f Pursuant to Civil L.R. 7(k), Plaintiffs respectfully submit Ind. Pub. Ret. Sys. v. Rivian Auto.,\n\nInc., 2025 WL 2426714 (C.D. Cal. Aug. 20, 2025), attached hereto as Exhibit A, and Hawkins v.\n\nDanaher Corp., 2025 WL 2216149 (D.D.C. Aug. 4, 2025), attached hereto as Exhibit B, as relevant\n\nto certain sections of Plaintiffs\u2019 Opposition to Defendants\u2019 Motion to Dismiss and Motion for\n\nConsideration (\u201cPlaintiffs\u2019 Opposition\u201d) (ECF 80).\n\n First, Plaintiffs respectfully submit Exhibit A as relevant to Section III.B.2 (\u201cDefendants\u2019\n\nMisleading Half-Truths Are Actionable\u201d), including subsections (a)-(c); Section III.C.1 (\u201cDirect\n\nEvidence Is Not Required\u201d); and Section III.C.3(a) (\u201cDefendants\u2019 Direct Responsibilities, Close\n\nMonitoring, and Frequent Statements Support Scienter\u201d) of Plaintiffs\u2019 Opposition.\n\n Second, Plaintiffs respectfully submit Exhibit B as relevant to Section III.B.1 (\u201cThe\n\nConcealed Facts Were Material\u201d), including subsections (a), (c)-(e); and Section III.B.2(a) (\u201cThe\n\nGenerator Sales Metrics Statements\u201d) of Plaintiffs\u2019 Opposition.\n\nDATED: August 26, 2025 ROBBINS GELLER RUDMAN\n & DOWD LLP\n JAMES E. BARZ\n FRANK A. RICHTER\n MICHAEL J. STRAMAGLIA\n\n\n s/ James E. Barz\n JAMES E. BARZ\n\n 200 South Wacker Drive, 31st Floor\n Chicago, IL 60606\n Telephone: 630/696-4107\n jbarz@rgrdlaw.com\n frichter@rgrdlaw.com\n mstramaglia@rgrdlaw.com\n\n\n\n\n -1-\n4922-4915-1586.v1\n Case 2:22-cv-01436-BHL Filed 08/26/25 Page 2 of 3 Document 83\n\f ROBBINS GELLER RUDMAN\n & DOWD LLP\n DARREN J. ROBBINS\n 655 West Broadway, Suite 1900\n San Diego, CA 92101\n Telephone: 619/231-1058\n 619/231-7423 (fax)\n darrenr@rgrdlaw.com\n\n Lead Counsel for Plaintiffs\n\n ADEMI LLP\n GURI ADEMI\n JESSE FRUCHTER\n JOHN D. BLYTHIN\n 3620 East Layton Avenue\n Cudahy, WI 53110\n Telephone: 414/482-8000\n 414/482-8001 (fax)\n gademi@ademilaw.com\n jfruchter@ademilaw.com\n jblythin@ademilaw.com\n\n ATOLLES LAW, S.C.\n ANDREW T. PHILLIPS\n 222 E Erie Street, Suite 210\n Milwaukee, Wisconsin 53202\n Telephone: 414/644-0391\n 414/278-7590 (fax)\n aphillips@attolles.com\n\n Local Counsel\n\n KLAUSNER, KAUFMAN, JENSEN\n & LEVINSON\n ROBERT D. KLAUSNER\n 7080 NW 4th Street\n Plantation, FL 33317\n Telephone: 954/916-1202\n 954/916-1232 (fax)\n bob@robertdklausner.com\n\n Additional Counsel for Plaintiffs\n\n\n\n\n -2-\n4922-4915-1586.v1\n Case 2:22-cv-01436-BHL Filed 08/26/25 Page 3 of 3 Document 83\n\f","ocr_status":1,"date_upload":"2026-06-24T06:26:34.556422-07:00","document_number":"83","attachment_number":null,"pacer_doc_id":"20305857690","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":1,"description":"Notice - (Do not use this event for a Notice of Appeal)","acms_document_guid":""},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/483828060/","id":483828060,"tags":[],"absolute_url":"/docket/66582470/83/1/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2026-06-24T06:26:29.361251-07:00","date_modified":"2026-06-25T07:07:51.826372-07:00","sha1":"35973c61a0f14bc7aede0c58917d4ff5cde79344","page_count":15,"file_size":367149,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.83.1.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.83.1.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" EXHIBIT A\n\n\n\n\nCase 2:22-cv-01436-BHL Filed 08/26/25 Page 1 of 15 Document 83-1\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\n\n\n 2025 WL 2426714\n Only the Westlaw citation is currently available.\n United States District Court, C.D. California.\n\n INDIANA PUBLIC RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, Plaintiff,\n v.\n RIVIAN AUTOMOTIVE, INC., et al., Defendants.\n\n Case No.: 2:24-cv-4566-CBM-JPR\n |\n Filed 08/20/2025\n\n\n\n ORDER RE: DEFENDANTS' MOTION TO DISMISS LEAD PLAINTIFFS' AMENDED COMPLAINT\n\nCONSUELO B. MARSHALL UNITED STATES DISTRICT JUDGE\n\n *1 The matter before the Court is Defendants Rivian Automatic, Inc., Robert J. Scaringe, and Clair McDonough's (collectively,\n\u201cDefendants\u2019 \u201d) Motion To Dismiss Lead Plaintiffs' Amended Complaint. (Dkt. No. 66 (the \u201cMotion\u201d).)\n\n\n\n I. BACKGROUND\n\nThis is a putative securities fraud class action. On October 24, 2024, the Court granted Kamil Kirio and Nada Badr-Kirio's\n(collectively, \u201cLead Plaintiffs\u2019 \u201d) Motion to be appointed as lead plaintiffs. (Dkt. No. 49.) Lead Plaintiffs filed a First Amended\nComplaint (\u201cFAC\u201d), the operative complaint, which asserts: (1) violations of Section 10(b) of the Securities Exchange Act (the\n\u201cAct\u201d) and Rule 10b-5 against all Defendants; and (2) violations of Section 20(a) of the Act against the Individual Defendants. 1\n(Dkt. No. 57.)\n\n1 The \u201cIndividual Defendants\u201d are Robert J. Scaringe and Claire McDonough.\n\n\n II. LEGAL STANDARD\n\nA. Fed. R. Civ. P. 12(b)(6)\nA court may dismiss a complaint for \u201cfailure to state a claim upon which relief can be granted\u201d pursuant to Federal Rule of\nCivil Procedure 12(b)(6). Dismissal of a complaint can be based on either a lack of a cognizable legal theory or the absence of\nsufficient facts alleged under a cognizable legal theory. Balistreri v. Pacifica Police Dep't, 901 F.2d 696, 699 (9th Cir. 1990).\nTo survive a motion to dismiss, the complaint \u201cmust contain sufficient factual matter, accepted as true, to \u2018state a claim to relief\nthat is plausible on its face.\u2019 \u201d Ashcroft v. Iqbal, 556 U.S. 662, 663, (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S.\n544, 570 (2007)). A formulaic recitation of the elements of a cause of action will not suffice, and labels and conclusions are\ninsufficient to meet the plaintiff's obligation to provide the grounds of his or her entitlement to relief. Twombly, 550 U.S. at 555.\n\u201cFactual allegations must be enough to raise a right to relief above the speculative level.\u201d Id. If a complaint cannot be cured\nby additional factual allegations, dismissal without leave to amend is proper. Id. On a motion to dismiss for failure to state a\nclaim, the court accepts as true all well-pleaded allegations of material fact and construes them in a light most favorable to the\nnon-moving party. Manzarek v. St. Paul Fire & Marine Ins. Co., 519 F.3d 1025, 1031-32 (9th Cir. 2008). The court may only\nconsider the allegations contained in the pleadings, exhibits attached to or referenced in the complaint, and matters properly\nsubject to judicial notice. Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308, 322 (2007).\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 2 of 15\n Government Works.Document 83-1 1\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\n\n\nB. Pleadings Requirements for Section 10(b) and Rule 10b-5 Claims\nAt \u201cthe pleading stage, a complainant stating claims under Section 10(b) and Rule 10b-5 must satisfy the dual pleading\nrequirements of Federal Rule of Civil Procedure 9(b) and the [Private Securities Litigation Reform Act of 1995].\u201d Zucco\nPartners, LLC v. Digimarc Corp., 552 F.3d 981, 990 (9th Cir. 2009). Rule 9(b) governs all claims sounding in fraud, and\nrequires that \u201cin alleging fraud or mistake, a party must state with particularity the circumstances constituting fraud or mistake.\nMalice, intent, knowledge, and other conditions of a person's mind may be alleged generally.\u201d Fed. R. Civ. P. 9(b). Thus, as\napplied to securities claims alleging fraud, Rule 9(b) requires the false statement or omission be pled with particularity. The\nPrivate Securities Litigation Reform Act of 1995 (\u201cPSLRA\u201d) heightened the pleading standard applicable to putative class\nactions alleging securities fraud on the basis of misleading statements or omissions by adding a requirement that a plaintiff\nplead intent to defraud, otherwise known as scienter, with particularity. 15 U.S.C. \u00a7 78u-4(b)(1) and (2); Metzler Invest. GMBH\nv. Corinthian Colleges, Inc., 540 F.3d 1049, 1061 (9th Cir. 2008). With respect to falsity, in \u201crequiring specificity, [the PSLRA]\nprevents a plaintiff from skirting dismissal by filing a complaint laden with vague allegations of deception unaccompanied\nby particularized explanation stating why the defendant's alleged statements or omissions are deceitful.\u201d Metzler, 540 F.3d at\n1061 (emphasis in original). As to scienter, \u201cin order to state a claim for securities fraud that complies with the dictates of\nthe PSLRA, the complaint must raise a \u2018strong inference\u2019 of scienter \u2013 i.e., a strong inference that the defendant acted with\nan intent to deceive, manipulate or defraud.\u201d Id.; see also Zucco Partners, 552 F.3d at 990. Moreover, \u201cRule 9(b) applies to\nall elements of a securities fraud action, including loss causation.\u201d Oregon Pub. Employees Ret. Fund v. Apollo Grp. Inc., 774\nF.3d 598, 605 (9th Cir. 2014).\n\n\n\n III. DISCUSSION\n\nA. Defendants' Request for Judicial Notice\n*2 Defendants filed a request for judicial notice (Dkt. No. 66-2), 2 wherein they request that the Court take judicial notice of\n24 exhibits. 3 The 24 exhibits are incorporated by reference in the FAC. 4 Therefore, Defendants' Request for Judicial Notice\nis denied as moot because the Court may consider the exhibits based on the incorporation by reference doctrine. See Ritchie,\n342 F.3d at 908.\n\n2 Plaintiffs did not file an opposition to Defendants' request for judicial notice.\n3 A list of the 24 exhibits which are the subject of Defendants' request for judicial notice is set forth in Dkt. No. 66 at 4-5.\n4\n See FAC \u00b6\u00b6 7, 60, 120, 135, 136-37, 138-39, 140-43, 145-46, 147-48, 149-51, 152-53, 154, 155-56, 157-67, 169-70,\n 172-74, 176-77, 178-79, 180-84, 185-86, 188-89, 190-91, 192-93, 194-97, 198-201, 202-04, 205-06, and 207-08.\n\nB. Section 10(b) of the Act and Rule 10b-5 (First Cause of Action)\nThe elements of a securities fraud action pursuant to Section 10(b) and Rule 10b-5 are: (1) a material misrepresentation or\nomission of fact, (2) scienter; (3) a connection with the purchase or sale of a security; (4) transaction and loss causation; and\n(5) economic loss. See Zucco Partners, 552 F.3d at 990; In re Daou Sys. Inc., 411 F.3d 1006, 1014 (9th Cir. 2005). Falsity,\nscienter, and loss causation must each be pled with particularity. See Metzler, 540 F.3d at 1061; Oregon Pub. Employees Ret.\nFund, 774 F.3d at 605.\n\n\n (1) Falsity\nDefendants argue Plaintiffs fail to adequately plead falsity because Plaintiffs do not allege with particularity any\ncontemporaneous undisclosed facts or facts contradicting Defendants' statements regarding customer demand and Rivian's\nprojected \u201croadmap\u201d to positive gross margins, and there are no allegations attributed to confidential witnesses, current or\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 3 of 15\n Government Works.Document 83-1 2\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\nformer employees, nor allegations of the contents of internal reports, metrics, or statements showing that Rivian lacked sufficient\ndemand to increase production during the class period, that its production ramp would fail, or that the Company would not\nachieve its projected gross margin goal by the end of 2024. A plaintiff has the duty of explaining why the statement is false\nor misleading, and a \u201clitany of alleged false statements, unaccompanied by the pleading of specific facts indicating why those\nstatements were false, does not meet this standard.\u201d Metzler, 540 F.3d at 1061, 1071. In pleading falsity, \u201ca plaintiff must reveal\nthe sources of her information.\u201d Rubke v. Capitol Bancorp Ltd., 551 F.3d 1156, 1166 (9th Cir. 2009) (internal quotations and\ncitation omitted). However, \u201c[a] securities plaintiff is not required to have confidential witnesses as a source for the allegations in\nthe complaint.\u201d In re Invensense, Inc. Sec. Litig., 2016 WL 1182063, at *4 (N.D. Cal. Mar. 28, 2016). As to identifying internal\nreports or metrics, the FAC alleges Defendants' Roadmap for production was \u201cprincipally based\u201d on a \u201cbacklog of preorders\n(the \u2018Backlog\u2019), which\u201d Defendants \u201cadmittedly \u2018closely watched \u2013 along with cancellation rates and macroeconomic factors\n\u2013 \u2018daily,\u2019 \u201d and starting in November 2022, \u201cDefendants stopped reporting Rivian's Backlog to the public\u201d and \u201cnever reported\nRivian's cancellation rates.\u201d (FAC \u00b6 5.) Therefore, the FAC identifies the Backlog regarding preorders which Defendants stopped\nreporting publicly.\n\nWith respect to pleading falsity, \u201c[a]lthough plaintiffs do not need to prove at the pleading stage that [a] statement is false or\nmisleading, pursuant to Rule 9(b) and the PSLRA, they must plead with enough particularity to make the falsity or the misleading\ncharacter of the statement plausible.\u201d In re NVIDIA Corp. Sec. Litig., 2011 WL 4831192, at *4 (N.D. Cal. Oct. 12, 2011), aff'd,\n768 F.3d 1046 (9th Cir. 2014); see also Brown v. China Integrated Energy, Inc., 875 F. Supp. 2d 1096, 1112 (C.D. Cal. 2012).\nHere, Plaintiffs allege each of the 32 challenged statements in the FAC 5 is materially misleading because (1) Defendants lacked\na reasonable basis to assume there was sufficient demand to warrant increased production or that produced units would be\nsold at a profit as required to achieve gross-margin profitability in 2024; (2) preorder backlog was not a reliable indicator of\ndemand because preorders were fully cancellable; (3) Rivian's preorder backlog included a large number of pre-March 1, 2022\npreorders, which Rivian had committed to fulfilling at lower prices that would undermine profitability; (4) macroeconomic\nfactors, including rising inflation and interest rates, were adversely affecting demand; and (5) Rivian was experiencing supply\nchain and production issues that presented a challenge for ramping production and achieving gross margin profits by 2024. (See\nFAC \u00b6\u00b6 5, 54, 141, 143, 163.) Accepting these allegations as true and in the light most favorable to Plaintiffs, the Court finds\nPlaintiffs sufficiently plead falsity to survive the motion to dismiss stage because the statements created an impression of a\nstate of affairs that differed in a material way from what actually existed. See In re Quality Sys., Inc. Sec. Litig., 865 F.3d 1130,\n1144 (9th Cir. 2017); Glazer Cap. Mgmt., L.P. v. Forescout Techs., Inc., 63 F.4th 747, 771 (9th Cir. 2023); see also Laborers\nDist. Council Constr. Indus. Pension Fund v. Sea Ltd., 743 F. Supp. 3d 1083, 1106 (D. Ariz. 2024); Stadium Cap. LLC v. Co-\nDiagnostics, Inc., 2024 WL 456745, at *6 (S.D.N.Y. Feb. 5, 2024); San Antonio Fire & Police Pension Fund v. Dentsply Sirona\nInc., 732 F. Supp. 3d 300, 320 (S.D.N.Y. 2024).\n\n5 A list of the 32 challenged statements alleged in the FAC is attached hereto as Exhibit A.\n\n (2) Risk-Factor Disclosures\n *3 Defendants contend Plaintiffs' claims based on Rivian's risk-factor disclosures (Statement (\u201cStmt.\u201d) 6 Nos. 9, 18, 25, and\n31) fail because the issues were disclosed to the market and the FAC does not include particularized allegations showing Rivian\nhad already experienced a material undisclosed decline in demand at the time the statements were made. Stmt. Nos. 9, 18, 25,\nand 31, each stated the following:\n\n\n\n Our ability to become profitable in the future will depend on the continued successful development\n and commercial production and acceptance of our vehicles and services, our ability to maintain strong\n demand and average selling prices for our vehicles, as well as our capability to manufacture our vehicle\n portfolio efficiently and estimate and effectively manage both our operating expenditures and our capital\n expenditures.\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 4 of 15\n Government Works.Document 83-1 3\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\n\n(See Stmt. No. 9, FAC \u00b6 155; Stmt. No. 18, FAC \u00b6 176; Stmt. No. 25, FAC \u00b6 190; Stmt. No. 31, FAC \u00b6 203.) Despite the\nrisk disclosures in Stmt. Nos. 9, 18, 25 and 31, Plaintiffs plausibly allege Defendants made positive statements about increases\nin demand based on the preorder Backlog which was allegedly misleading to investors. (See, e.g., FAC \u00b6\u00b6 52, 136, 140, 142,\n145-46, 150, 164-65.) See Borteanu v. Nikola Corp., 2023 WL 1472852, at *11 (D. Ariz. Feb. 2, 2023); Farrar v. Workhorse\nGrp., Inc., 2021 WL 5768479, at *5 (C.D. Cal. Dec. 2, 2021); see also Berson v. Applied Signal Tech., Inc., 527 F.3d 982, 987\n(9th Cir. 2008); In re Quality Sys., Inc. Sec. Litig., 865 F.3d at 1148.\n\n6 \u201cStatement\u201d or \u201cStmt.\u201d as used herein refers to a challenged statement alleged in the FAC as set forth in Exhibit A\n attached hereto.\n\n (3) Safe Harbor\nDefendants also contend 23 of the 32 challenged statements (Stmt. Nos. 1, 3-4, 7-8, 10-17, 19-21, 23-24, 26-29, and 32) are\nnot actionable because they are forward-looking statements protected under the Act's Safe Harbor provision and the \u201cbespeaks-\ncaution doctrine.\u201d\n\nThe Safe Harbor provision of the Act provides:\n\n [A] person ... shall not be liable with respect to any forward-looking statement, whether written or oral, if and to the extent\n that\u2014\n\n (A) the forward-looking statement is\u2014\n\n (i) identified as a forward-looking statement, and is accompanied by meaningful cautionary statements identifying\n important factors that could cause actual results to differ materially from those in the forward-looking statement; or\n\n (ii) immaterial; or\n\n (B) the plaintiff fails to prove that the forward-looking statement\u2014\n\n (i) if made by a natural person, was made with actual knowledge by that person that the statement was false or\n misleading; or\n\n (ii) if made by a business entity;[,] was\u2014\n\n (I) made by or with the approval of an executive officer of that entity; and\n\n (II) made or approved by such officer with actual knowledge by that officer that the statement was false or misleading.\n\n15 U.S.C. \u00a7 78u\u20135(c)(1) (emphasis added). A forward-looking statement is \u201cany statement regarding (1) financial projections,\n(2) plans and objectives of management for future operations, (3) future economic performance, or (4) the assumptions\n\u2018underlying or related to\u2019 any of these issues.\u201d No. 84 Employer\u2013 Teamster Joint Council Pension Trust Fund v. Am. W. Holding\nCorp., 320 F.3d 920, 936 (9th Cir. 2003) (citing 15 U.S.C. \u00a7 78u5(i)). \u201c[I]f a forward-looking statement is identified as such and\naccompanied by meaningful cautionary statements, then the state of mind of the individual making the statement is irrelevant,\nand the statement is not actionable regardless of the plaintiff's showing of scienter.\u201d In re Cutera Sec. Litig., 610 F.3d at 1112. If,\nhowever, a forward-looking statement is not identified as such or is unaccompanied by meaningful cautionary statements, then\nthe statement is actionable only if the plaintiff proves that the forward-looking statement \u201cwas made with actual knowledge by\nthat person that the statement was false or misleading.\u201d 15 U.S.C. \u00a7 78u\u20135(c)(1)(B). To the extent that any of the statements\nat issue in the instant case contain both forward-looking and non-forward-looking statements, the Court examines them \u201cas a\nwhole\u201d to determine whether they relate \u201cto future expectations and performance.\u201d Police Retirement Sys. of St. Louis v. Intuitive\nSurgical, Inc., 759 F.3d 1051, 1059 (9th Cir. 2014). Moreover, the PSLRA's Safe Harbor provision also protects forward-looking\nstatements that were not made with actual knowledge that the statement was false or misleading. 15 U.S.C. \u00a7 78u-5(c).\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 5 of 15\n Government Works.Document 83-1 4\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\n\n *4 Defendants contend Stmt. Nos. 1, 3-4, 7-8, 10-17, 19-21, 23-24, 26-29, and 32 are forward-looking statements protected\nunder the Safe Harbor because they are statements regarding future production goals and profitability projections. However,\nStmt. Nos. 1, 3-4, 7-8, 10-17, 19-21, 23-24, 26-29, and 32 include non-forward-looking statements about existing/present or\nprior conditions/facts rather than the future. Therefore, the Safe Harbor does not apply to such statements. See In re Quality\nSys., Inc. Sec. Litig., 865 F.3d at 1142.\n\nEven if Stmt. Nos. 1, 3-4, 7-8, 10-17, 19-21, 23-24, 26-29, and 32 include forward-looking statements, the forward-looking\nstatement must be accompanied by meaningful cautionary statements identifying important factors that could cause actual\nresults to differ materially from those in the forward-looking statement to be protected under the Safe Harbor. See 15 U.S.C.\n\u00a7 78u-5(c). While \u201cblanket warnings that securities involve a high degree of risk [are] insufficient to ward against a federal\nsecurities fraud claim,\u201d \u201cprecise cautionary language which directly addresses itself to future projections, estimates or forecasts\nin a prospectus\u201d do not constitute a misrepresentation. In re Worlds of Wonder Sec. Litig., 35 F.3d 1407, 1414 (9th Cir. 1994).\nThus, to be adequate under the cautionary-language prong of the Safe Harbor provision, the caution must \u201cdiscredit the [allegedly\nmisleading statements] so obviously that the risk of real deception drops to nil.\u201d Virginia Bankshares, Inc. v. Sandberg, 501 U.S.\n1083, 1097 (1991). Here, the Court finds the general cautionary language identified by Defendants 7 is insufficient to support a\ndetermination as a matter of law at this stage that Defendants' statements were not misleading. See In re Stac Elecs. Sec. Litig.,\n89 F.3d 1399, 1408 (9th Cir. 1996); Gray v. First Winthrop Corp., 82 F.3d 877, 884 (9th Cir. 1996), as amended on denial of\nreh'g and reh'g en banc (June 21, 1996). 8\n\n7\n See Motion at 14 (citing Ex. 4 at 13-14; Ex. 11 at 15-16; Ex. 12 at 10-11; Ex. 14 at 13; Ex. 16 at 21); Motion at 15\n (citing Ex. 2 at 2-3, 15-17, 25-37; Ex. 5 at 2-3, 16-18, 26-39; Ex. 1 at 2-6, 12-20; Ex. 6 at 2-3, 17-19, 27-40; Ex. 7 at\n 2-3, 17-19, 27-40; Ex. 8 at 2-3, 17-19, 28-41; Ex. 13 at 3; Ex. 15 at 3).\n8\n See also In re Honest Co. Sec. Litig., 615 F. Supp. 3d 1149, 1155-56 (C.D. Cal. 2022); Westley v. Oclaro, Inc., 897 F.\n Supp. 2d 902, 920 (N.D. Cal. 2012), on reconsideration in part (Jan. 10, 2013).\nDefendants also argue the Company warned that its \u201cability to develop and manufacture vehicles on a large scale is unproven\u201d;\nthat \u201cpreorders for our vehicles are cancellable and fully refundable\u201d; that it \u201cmay experience significant delays in the\nmanufacture and delivery of ... vehicles\u201d; that its \u201cpricing decisions may affect our community, preorders, and demand\nnegatively,\u201d which Defendants contend protect their statements under the bespeaks-caution doctrine. However, the FAC's\nallegations, accepted as true, demonstrate the alleged statements are not protected under the PSLRA's Safe Harbor provision\nor bespeaks-caution doctrine. (See FAC \u00b6\u00b6 2, 53, 54.) See In re Quality Sys., Inc. Sec. Litig., 865 F.3d at 1148; Borteanu, 2023\nWL 1472852, at *11; Farrar, 2021 WL 5768479, at *5; Washtenaw Cnty. Emps. Ret. Sys. v. Celera Corp., 2012 WL 3835078,\nat *4 (N.D. Cal. Sept. 4, 2012); see also Berson, 527 F.3d at 987.\n\nDefendants further contend Plaintiffs fail to allege Defendants had actual knowledge that any of the forward-looking statements\nwere false when made. However, the FAC alleges sufficient facts regarding Defendants' actual knowledge that the challenged\nstatements were false or misleading. (See FAC \u00b6 54, 137, 143.) 9 See Washtenaw Cnty. Emps. Ret. Sys., 2012 WL 3835078, at *4.\n\n9\n See also FAC \u00b6\u00b6 146, 151, 153, 156, 158, 160, 161, 163, 165, 167, 170, 173, 175, 177, 179, 181, 183, 186, 189, 191,\n 193, 195, 197, 199, 201, 204, 206.\n\n (4) Puffery\n *5 Defendants also contend 16 of the 32 challenged statements (Stmts. Nos. 1, 3, 4-5, 8, 10, 13, 19, 22-23, 26-30, and 32) are\nnon-actionable corporate puffery. \u201c[M]ildly optimistic, subjective assessment[s]\u201d do not \u201camount[ ] to a securities violation\u201d\nbecause \u201c[w]hen valuing corporations,[ ] investors do not rely on vague statements of optimism like \u2018good,\u2019 \u2018well-regarded,\u2019\nor other feel good monikers,\u201d because \u201cprofessional investors, and most amateur investors as well, know how to devalue the\noptimism of corporate executives.\u201d In re Cutera Sec. Lit., 610 F.3d 1103, 1111 (9th Cir. 2010). \u201cA statement is \u2018puffing\u2019 or\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 6 of 15\n Government Works.Document 83-1 5\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\n\u2018puffery\u2019 if it expresses an opinion that is \u2018not capable of objective verification\u2019 and if it is lacking in the specificity that \u2018a\nreasonable investor could expect the [speaker] to be pegged.\u2019 \u201d In re Arrowhead Pharm., Inc. Sec. Litig., 2017 WL 5635422,\nat *4 (C.D. Cal. Sept. 20, 2017) (citations omitted). 10 However, \u201ceven general statements of optimism, when taken in context,\nmay form a basis for a securities fraud claim when those statements address specific aspects of a company's operation that the\nspeaker knows to be performing poorly.\u201d Id. (internal quotations and citations omitted).\n\n10 \u201cExamples of \u2018mere corporate puffery\u2019 include statements such as \u2018the opportunity for system placement at hospitals is\n still very, very large,\u2019 and that a company \u2018will come out stronger\u2019 and \u2018is in a pretty good position\u2019 despite the economic\n crisis.\u2019 \u201d In re Quality Sys., Inc. Sec. Litig., 865 F.3d at 1143 (citations omitted); see also In re Arrowhead Pharm., Inc.\n Sec. Litig., 2017 WL 5635422, at *4; In re Syntex Corp. Sec. Litig., 855 F. Supp. 1086, 1095 (N.D. Cal. 1994), aff'd, 95\n F.3d 922 (9th Cir. 1996); In re Cisco Sys. Inc. Sec. Litig., 2013 WL 1402788, at *13 (N.D. Cal. Mar. 29, 2013); Brodsky\n v. Yahoo! Inc., 592 F. Supp. 2d 1192, 1200 (N.D. Cal. 2008); In re Splash Tech. Holdings, Inc. Sec. Litig., 160 F. Supp.\n 2d 1059, 1077 (N.D. Cal. 2001).\nHere, the Court finds Stmt. Nos. 1, 3, 4-5, 8, 10, 13, 19, 22-23, 26-30, and 32 are not corporate puffery because they are not\nvague statements of optimism. Rather, these statements address metrics such as increasing demand and increased production\nwhich the FAC alleges Defendants stated they monitored \u201cdaily\u201d and/or are objectively verifiable. 11 See Oregon Pub. Emps.\nRet. Fund v. Apollo Grp. Inc., 774 F.3d 598, 606 (9th Cir. 2014); Glazer Cap. Mgmt., L.P., 63 F.4th at 770; Quality Sys., Inc.\nSec. Litig., 865 F.3d at 1143-44; cf. In re Arrowhead Pharm., Inc. Sec. Litig., 2017 WL 5635422, at *4.\n\n11\n See, e.g., FAC \u00b6\u00b6 2, 5, 53, 91, 123, 182, 185.\n\n (5) Opinion Statements\nDefendants also argue 26 of the 32 challenged statements (Stmt. Nos. 1, 3-5, 7-8, 10-17, 19-24, 26-30, and 32) are non-actionable\nopinions. There are three different standards for pleading falsity of opinion statements. City of Dearborn Heights Act 345 Police\n& Fire Ret. Sys. v. Align Tech., Inc., 856 F.3d 605, 615-16 (9th Cir. 2017) (citing Omnicare, Inc. v. Laborers Dist. Council\nConst. Industry Pension Fund, 575 U.S. 175 (2015)). \u201cFirst, when a plaintiff relies on a theory of material misrepresentation, the\nplaintiff must allege both that \u2018the speaker did not hold the belief she professed\u2019 and that the belief is objectively untrue.\u2019 \u201d Id.\n(citing Omnicare, 575 U.S. at 185-86). \u201cSecond, when a plaintiff relies on a theory that a statement of fact contained within an\nopinion statement is materially misleading, the plaintiff must allege that \u2018the supporting fact [the speaker] supplied [is] untrue.\u2019\n\u201d Id. \u201cThird, when a plaintiff relies on a theory of omission, the plaintiff must allege \u2018facts going to the basis for the issuer's\nopinion ... whose omission makes the opinion statement at issue misleading to a reasonable person reading the statement fairly\nand in context.\u2019 \u201d Id. (citing Omnicare, 575 U.S. at 194).\n\nThe parties disagree as to whether these 26 challenged statements (Stmt. Nos. 1, 3-5, 7-8, 10-17, 19-24, 26-30, and 32) are\nstatements of opinion or statements of fact. The Court finds Stmt. Nos. 1, 3, 5, 8, 10, 12, 13, 16, 19, 20, 21, 22, 23, 24, 26,\n28, and 30 are statements of fact, and are not \u201ca statement of opinion\u201d which \u201cconveys only an uncertain view as to a thing.\u201d\nOmnicare, 575 U.S. at 176. Even assuming these statements are statements of opinion, Plaintiffs plead sufficient facts that\nthese statements regarding customer demand would be misleading to an investor where Defendants omitted facts regarding the\nreliability of the Backlog as a basis for demand. See Murphy v. Precision Castparts Corp., 2017 WL 3084274, at *12 (D. Or.\nJune 27, 2017), report and recommendation adopted, 2017 WL 3610523 (D. Or. Aug. 22, 2017); Weston v. DocuSign, 669 F.\nSupp. 3d 849, 880-81 (N.D. Cal. 2023).\n\n *6 As to the remaining challenged statements (Stmt. Nos. 4, 7, 11, 14, 15, 17, 27, 29, and 32), those statements include either\nmixed opinion and fact, or embedded facts about demand based on monitoring the Backlog, but omitted that the Backlog was\nnot a reliable indicator for demand to support ramping production. Even assuming the statements regarding ramping production\nincluded opinion statements, Plaintiffs plead sufficient facts that Defendants omitted that the Backlog was not a reliable basis for\n\u201cstrong demand\u201d and did not support ramping production for the duration of the Roadmap. Therefore, Plaintiffs plead sufficient\nfacts that these statements regarding profitability from ramping up production (even if they constitute opinion statements) are\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 7 of 15\n Government Works.Document 83-1 6\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\nactionable. See Omnicare, 575 U.S. at 194; City of Dearborn Heights Act 345 Police & Fire Ret. Sys., 856 F.3d at 615 (citing\nOmnicare, 575 U.S. at 185-86, 188-89). 12\n\n12\n See also In re Splunk Inc. Sec. Litig., 592 F. Supp. 3d 919, 927, 938-42 (N.D. Cal. 2022).\n\n (6) Scienter\nTo state a claim for private securities fraud, Plaintiffs must also allege \u201cwith particularity facts giving rise to a strong inference\nthat the defendant acted with the required state of mind.\u201d 15 U.S.C. \u00a7 78u-4(b)(2)(A). To plead scienter, a complaint must\nallege \u201cparticular facts in the complaint [that], taken as a whole, raise a strong inference that defendants intentionally or [with]\n\u2018deliberate recklessness\u2019 made false or misleading statements to investors.\u201d Ronconi, 253 F.3d at 429. 13 Deliberate recklessness\nmeans that the reckless conduct \u201creflects some degree of intentional or conscious misconduct.\u201d S. Ferry LP, No.2 v. Killinger,\n542 F.3d 776, 782 (9th Cir. 2008). \u201c[A] court must consider plausible, nonculpable explanations for the defendant's conduct,\nas well as inferences favoring the plaintiff,\u201d and \u201c[a] complaint will survive ... only if a reasonable person would deem the\ninference of scienter cogent and at least as compelling as any opposing inference one could draw from the facts alleged.\u201d Tellabs,\n551 U.S. at 324.\n\n13\n See also In re VeriFone Holdings, Inc. Sec. Litig., 704 F.3d 694, 702 (9th Cir. 2012).\nDefendants argue the FAC lacks any particularized fact showing the Individual Defendants knew of information contradicting\nthe challenged statements as required to plead scienter. Defendants contend Plaintiffs rely on conclusory allegations to plead\nscienter, and Plaintiffs do not identify confidential witnesses or descriptions of meetings, reports, or data reviewed by Defendants\nthat was inconsistent with the Company's projections or statements regarding its demand, and Plaintiffs do not allege any\nDefendant engaged in insider trading. However, \u201c[a] securities plaintiff is not required to have confidential witnesses as a source\nfor the allegations in the complaint.\u201d In re Invensense, Inc. Sec. Litig., 2016 WL 1182063, at *4. Furthermore, courts have\nrejected a defendant's contention that a plaintiff must identify specific sales reports or documents to sufficiently plead scienter\nwhere the defendants allegedly had access to and review of such data. See Stadium Cap. LLC, 2024 WL 456745, at *6; San\nAntonio Fire & Police Pension Fund, 732 F. Supp. 3d at 320.\n\nHere, the FAC identifies the Backlog as the metric which Defendants stated they reviewed \u201cdaily,\u201d and which is the data\nPlaintiffs contend Defendants materially misrepresented to investors. (See FAC \u00b6\u00b6 2, 5, 53, 91, 123, 182.) The FAC alleges\nDefendant Scaringe stated he watched the Backlog metric \u201cdaily.\u201d (Id. \u00b6\u00b6 123, 182, 215.) Moreover, the FAC alleges Defendant\nMcDonough stated: \u201c[W]e compare current daily order rates relative to what we saw maybe a year ago.\u201d (Id. \u00b6 185.) Therefore,\nthe FAC sufficiently pleads scienter. See In re Quality Sys., Inc. Sec. Litig., 865 F.3d at 1145 (citing City of Dearborn Heights\nAct 345 Police & Fire Ret. Sys., 856 F.3d at 620); Weston, 669 F. Supp. 3d at 884; see also In re Zillow Grp., Inc. Sec. Litig.,\n2019 WL 1755293, at *19 (W.D. Wash. Apr. 19, 2019).\n\n *7 Moreover, the FAC also alleges \u201cRivian had numerous suspiciously timed resignations.\u201d (FAC \u00b6\u00b6 222-26.) The timing of\nmultiple high-level executives' resignations between and after Defendants' disclosures and who were familiar with production\nand demand (see id. \u00b6\u00b6 222-25) constitutes additional support for an inference of scienter. See In re Fibrogen, Inc., 2022 WL\n2793032, at *25 (N.D. Cal. July 15, 2022); SEB Inv. Mgmt. AB v. Symantec Corp., 2019 WL 4859099, at *5 (N.D. Cal. Oct. 2,\n2019); In re Banc of California Sec. Litig., 2017 WL 3972456, at *8 (C.D. Cal. Sept. 6, 2017).\n\nThe FAC also alleges Defendants were \u201cmotivated to commit fraud\u201d to \u201censure the success of Rivian's two suspiciously timed\nClass Period bond offerings.\u201d (FAC \u00b6\u00b6 227-31.) The FAC's allegations that Rivian's \u201cfree cash flow\u201d was \u201caround negative $1.5\nbillion per quarter\u201d at the time of the bond offerings, and allegations that \u201cthe Company was still racing against time to slow its\nbleeding of cash and finally generate a profit\u201d at the time of the bond offerings, accepted as true, show the Company's strained\nfinancial situation and Defendants' motive, which further support an inference of scienter. (See id. \u00b6\u00b6 78, 79, 109, 110, 111.)\nSee Howard v. Everex Sys., Inc., 228 F.3d 1057, 1064 n.8 (9th Cir. 2000); Abdo v. Fitzsimmons, 2021 WL 616324, at *13 (N.D.\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 8 of 15\n Government Works.Document 83-1 7\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\nCal. Feb. 17, 2021); Nguyen v. Radient Pharms. Corp., 2011 WL 5041959, at *8 (C.D. Cal. Oct. 20, 2011); see also In re Ibis\nTech. Secs. Litig., 422 F. Supp. 2d 294, 317 (D. Mass. 2006).\n\nThe FAC also alleges the Individual Defendants' \u201ccompensation was heavily dependent on\u201d the \u201cvalue of Rivian stock\u201d (FAC\n\u00b6 235), Defendant Scaringe's $13.99 million compensation in 2023 was 5% salary and 95% stock and options (id. \u00b6 235), and\nMcDonough's $4.86 million in compensation in 2023 was 10% salary and 90% stock and options (id.). Such allegations that the\nIndividual Defendants' compensation based on stock and options far exceeded their compensation based on salary establishes\na strong correlation between the Company's financial performance and the Individual Defendants' compensation, and provides\nadditional support raising an inference of scienter. See Tellabs, 551 U.S. at 325; Evanston Police Pension Fund v. McKesson\nCorp., 411 F. Supp. 3d 580, 603 (N.D. Cal. 2019); In re Questcor Sec. Litig., 2013 WL 5486762, at *19 (C.D. Cal. Oct. 1, 2013).\n\nAccordingly, the Court finds Plaintiffs plead sufficient facts to raise a strong inference of scienter.\n\n\nC. Section 20(a) of the Act (Second Cause of Action)\nPlaintiffs' second cause of action is asserted against Individual Defendants Scaringe and McDonough for violation of Section\n20(a) of the Act, which provides:\n\n\n\n Every person who, directly or indirectly, controls any person liable under any provision of this chapter or\n of any rule or regulation thereunder shall also be liable jointly and severally with and to the same extent\n as such controlled person to any person to whom such controlled person is liable, unless the controlling\n person acted in good faith and did not directly or indirectly Induce the act or acts constituting the violation\n or cause of action.\n\n\n\n15 U.S.C. \u00a7 78t(a). Defendants argue because Plaintiffs fail to allege a predicate violation under Section 10(b) here, Plaintiffs'\nSection 20(a) claim also fails. Because Plaintiffs plead sufficient facts to state a claim under Section 10(b), Plaintiffs state a\nclaim under Section 20(a).\n\n\n\n IV. CONCLUSION\n\n*8 Accordingly, the Court DENIES Defendants' Motion to Dismiss the FAC.\n\nIT IS SO ORDERED.\n\n\n\n EXHIBIT A\n\nSTMT.NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32.\nALLEGED MISLEADING STATEMENT / OMISSION \u201cWe remain focused on fully ramping our 150,000 installed annual\nunits of capacity in Normal, Illinois to meet the strong demand for our products. Our net consumer preorder backlog as of June\n30, 2022 was approximately 98,000 and momentum continues to increase.\u201d (FAC \u00b6 136) \u201cWe may not be able to accurately\nestimate the supply and demand for our vehicles, which could result in a variety of inefficiencies in our business and hinder our\nability to generate revenue and profits. If we fail to accurately predict our manufacturing requirements, we could incur additional\ncosts or experience delays.\u201d (FAC \u00b6 138) \u201cThe Rivian team delivered strong second quarter results despite the challenging\nsupply chain environment. We produced and delivered over 4,400 vehicles across the RIT, RIS, and EDV 700. We have also\nrecently started production validation builds of our EDV 500, which is a narrower and shorter version of the EDV and well-\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 9 of 15\n Government Works.Document 83-1 8\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\npositioned for markets and applications where smaller form factors are needed. Our key focus remains ramping our normal\nfacility to its full 150,000 units of installed capacity. While we continue to manage supply chain constraints, we are encouraged\nby the progress we are making, which is important for us to be able to add a second shift for general assembly towards the end\nof this quarter. Equally as important is the continued strong demand for our products. As of June 30, we had about 98,000 net\npreorders and reservations for our R1 vehicles. Our daily preorder rate accelerated in the second quarter compared to the first\nquarter, and as a reminder, these orders are for the United States and Canada only and are net of deliveries and cancellations.\nIn June, we hosted a media venture showcasing the capabilities of our R1S in both on and off-road settings. It has been great\nto see the feedback from various media sources and customers as more of our R1S vehicles get out on the road.\u201d (FAC \u00b6 140)\nRod Lache \u201cHi, everybody. I'd like to just ask two questions. One is for Claire. A lot has obviously happened financially over\nthe past year or so with inflation and supply chain issues. But could you maybe take a minute and maybe just take a step back\nand talk to us about the bridge to achieving positive gross margin from where we are at right now? We know that it consists of\npricing and cost and volume, but if you could give us some thoughts on the components of that and the timing?...\u201d Defendant\nMcDonough \u201cThanks, Rod. This is Claire speaking. And I wanted to hit on your first question in terms of what that path to\npositive gross profit and positive unit economics looks like for Rivian in particular.\n\nAs you called out, right, we have seen unprecedented levels of inflation, especially across our raw material inputs and lithium\nprices that have gone up north of 115% over \u2013 since the start of this year, in particular, coupled with COVID and other factors\nthat have driven a challenging supply chain and inflationary environment as well as part of that. But as we look out to the\nfuture, as I mentioned in my prepared remarks, we have significant confidence in the long-term gross profit margin targets\nthat we've set out for ourselves of approximately 25%. And I will give you a little bit of that path as we see from today going\nfrom our current state to that future state of positive unit economics. We see 2024 as really that pivotal year for us in driving\na step change in terms of the underlying gross margin expectations within the business, as we have a couple of significant\nfactors that are starting to impact our underlying unit economics. First and foremost, it's really driven by us ramping our plants\nand our productivity within our 150,000 units of installed capacity within Normal that allows us to really leverage all of those\nfixed overhead and costs associated with our large-scale production facility. Second, it's also our ability to introduce our next-\ngeneration technologies into our vehicles, first in our R1 products as well as in our EDVs. So those are things like in-sourcing of\nour motors, the introduction of our LFP pack, which will be introduced first in our commercial vehicles, that allow us to really\ndrive a step change in terms of vehicle performance in that time frame, which enables us to increase pricing on the vehicles,\ngiven the fact we will have vehicles with added range and added performance and capabilities, but they also importantly drive\nsignificant cost-downs within our bill of materials as we look at that roadmap ahead. And then finally, the other core factor as\nwe think about that step-stone from a gross profit perspective is also really the anniversarying or moving beyond those pre-\nMarch 1 pre-orders as well that allow us to move into our current ASPs. And as we reiterated our last earnings call, we have seen\n$93,000 plus ASPs with the preorders that we have had post pricing change.\u201d (FAC \u00b6 142) \u201cOver the recent months, we achieved\nkey operational and strategic milestones. Production continued to ramp on our R1 and RCV platform lines; we produced 7,363\ntotal vehicles during the quarter representing a 67% increase as compared to the second quarter of 2022. We recently initiated\nour second manufacturing shift and remain focused on ramping production to meet the strong demand for our products. As we\nnavigate through these uncertain economic times, we are encouraged by the strong demand for our products as evidenced by\nour robust preorder backlog.\u201d (FAC \u00b6 145) \u201cWe may not be able to accurately estimate the supply and demand for our vehicles,\nwhich could result in a variety of inefficiencies in our business and hinder our ability to generate revenue and profits.\n\nIf we fail to accurately predict our manufacturing requirements, we could incur additional cost or experience delays.\u201d (FAC \u00b6\n147) \u201c[A]s we've talked about in the past, we expect to see a material step change in gross margin in that walk from current\nstate to that 2024-time frame. And the biggest lever, not surprisingly, is really that fixed cost leverage as well as our opportunity\nto move beyond some of the start-up-related costs that you heard RJ and myself talk a bit about that we've already seen from a\nprocess perspective, Q3 versus Q2. That reflects about two-thirds of the margin walk. So just wanted to make sure that you had\na sense for just the magnitude of how important ramp is from an overall unit economic perspective. The second key driver for\nus is associated with pricing. As we've talked about in the past, the post-Marh 1 configured preorders that we have in our order\nbook reflect a $93,000 average ASP. And we've got a lot of really exciting next-generation technologies that will be coming\ninto the fold as well that allows us to believe that, that ASP could even drive meaningfully higher on a go-forward basis as well.\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 10 of 15\n Government Works.Document 83-1 9\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\nSo that's the second core lever in that economic walk. And then finally, last but certainly not least, is really all of the core focus\nand work that we're doing right now around the reduction of our bill of materials. So importantly, the engineering and design\nchanges and the road map we have in place to drive meaningful cost savings within that bill of materials over the next couple\nof years.And then finally, all of the work that our procurement teams are doing around commercial cost-down opportunities as\nwe continue to scale the business and importantly, work hand-in-hand with our supply chain partners and as Rivian continues\nto grow out its own manufacturing capacity and drive better unit economics for the business.... We'll continue to see ongoing\nperformance and improvement as we scale, especially given the magnitude of how important ramp is across the board. And so\nthe important piece here is that in 2024, you see each of these key levers really in place as it pertains to production ramp, as it\npertains to Rivian moving to those post-March 1 preorder base, and importantly, as you think about the composition of a lot of\nthe engineering design changes that we have from a road map perspective, that all come together to drive that meaningful step\nchange in gross profit.\u201d (FAC \u00b6 150) Charles Coldicott -Redburn (Europe) Limited \u201cBut RJ, I think where I'd like to kick\noff is asking about demand. So obviously, we've seen order intake slow materially at some other EV names, people like Lucid,\neven Tesla in certain regions. And a lot of customers are having a tough time right now. Are you confident that Rivian can sell\neverything it produces whatever the macro backdrop?\u201d Defendant Scaringe \u201cYes. So it's a great question. It's foundational to\nthe business to make sure that demand continues to exceed our production capacity. What we've been challenged with, really,\nover the last year that we've had such a large and growing demand backlog that managing customer expectations and making\nsure we're communicating appropriately to customers, some of which were going to be in the backlog or a line for over 2 years.\nThat's been a really core focus. And as we sit here today, we have a very clear line of sight through 2024 in terms of demand, so\nwe feel very confident about that, and we continue to see -and we talked about this on our last earnings call, we continue to see\nour backlog grow even as we're ramping deliveries.\u201d (FAC \u00b6152) \u201cOur ability to become profitable in the future will depend\non the continued successful development and commercial production and acceptance of our vehicles and services, our ability\nto maintain strong demand and average selling prices for our vehicles, as well as our capability to manufacture our vehicle\nportfolio efficiently and estimate and effectively manage both our operating expenditures and our capital expenditures.\u201d (FAC\n\u00b6 155) \u201cIn the fourth quarter, we increased production over 10,000 units.\n\nThis represents a 36% increase over the third quarter of 2022. We maintain a vehicle backlog that provides clear demand visibility\nwell into 2024.\u201d (FAC \u00b6 157) \u201cI want to reinforce the important steps we took during 2022 to drive towards profitability... We\nforecast reaching positive gross profit in 2024 and therefore expect by the end of 2024, we will no longer have material LCNRV\ninventory charges and losses on firm purchase commitments associated with the production at our Normal plant. In addition\nto LCNRV, there were factors which negatively impacted our cost of goods sold that we do not believe are reflective of our\nlong-term cost structure. The most significant driver continues to be our production levels. The largest lever in our forecast is\nthe swing from negative $ 1 billion of gross profit in Q4 2022 to a step change in positive gross margin in 2024. There are 3\nkey levers that enable this improvement. First, the most impactful driver is the per-unit reduction of labor overhead and ramp\nexpenses as our large-scale plant produces a greater number of units. With the addition of our second shift, the plant in Normal\nis currently staffed to produce a significantly higher number of units than our current run rate. For context, these expenses\nrepresent 2/3 of the bridge from Our current COGS per unit to what we expect by the end of 2024. The second area is our\nmaterial costs. We have a detailed road map of both engineering and commercial cost downs. As RJ mentioned, our recent\nSupplier Day demonstrated the win-win opportunity for our suppliers to participate in Rivian's growth. The final bucket is price.\nThe implementation of our reservation system in early 2022 provides us the pricing flexibility to accommodate the introduction\nof new products, technologies and inflationary pressures. The final bucket is price.\u201d (FAC \u00b6 159) Rod Lache: \u201c[D]o you have\nany color on -as we're sort of bridging to profitability, for gross profit profitability, what kind of volume targets are you thinking\nabout as you look out to 2024? You mentioned the 150,000 units of capacity, but do you think you can get to at least 100,000\nin that time frame?... Defendant McDonough: \u201c(Inaudible) directly on the volume question that you have there as well.\n\nAs I talked about in my prepared remarks, today we have 65,000 units of R1 capacity in the plant at Normal, and we're increasing\nthat capacity so that 55% or call it, 85,000 units will become R1 capacity as we re-rate the lines midyear next year. And so next\nyear, we'll have both the impact of having a multiweek shutdown as we re-rate the plant to add that incremental R1 capacity.\nAnd at that same time, we'll be introducing a number of the next generation technologies that RJ just talked about as well.\nAnd so we'll still be in a period whereby we'll be continuing to ramp out of that shutdown in midyear to produce more units\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 11 of 15\n Government Works.Document 83-1 10\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\nin the back half of the year, but it really won't be until full year 2025, where we'll be ramping up the then re-rated capacity\nfrom an R1 perspective.\u201d Rod Lache: \u201cSo just to clarify what you're saying, are you saying that you're not going to have the\n85,000 units of R1 capacity available for 2024? Or will you?\u201d Defendant McDonough: \u201cIt will be available. We're re-rating\nthe lines midyear in 2024. And so from a full year perspective, we won't have the full year impact of that re-rate as we go\nthrough the process of a couple of weeks shutdown and then ramps back out of that shutdown in the back half of the year.\u201d\nRod Lache: \u201cOkay. But despite that, you're still thinking that you can get to gross profit in 2024?\u201d Defendant McDonough:\n\u201cThat's right.\u201d (FAC \u00b6 162) George Gianarikas: \u201cI'd just like to piggyback on the previous demand question, that preorder\nquestion. I know you're not disclosing the preorders, but given there have been so many high-profile admissions of a weakening\nenvironment for demand, particularly for EVs, I'm curious as to whether you could shed any light or color as to how your net\npreorders have been tracking?\u201d Defendant Scaringe: \u201cCertainly what we're witnessing in the macro and what we're seeing\nin terms of interest rate is, I think, across the industry, having an effect of moderating overall demand. But what we would\nsay is, and as we think about it, the demand backlog that we have is very robust. It gives us a clear line of sight until well\ninto 2024.\u201d (FAC \u00b6 164) \u201cThere are 3 key levers that enable this improvement. First, the most impactful driver is the per-unit\nreduction of labor overhead and ramp expenses as our large-scale plant produces a greater number of units. With the addition\nof our second shift, the plant in Normal is currently staffed to produce a significantly higher number of units than our current\nrun rate. For context, these expenses represent 2/3 of the bridge from our current COGS per unit to what we expect by the end\nof 2024. The second area is our material costs. We have a detailed road map of both engineering and commercial cost downs.\n\nAs RJ mentioned, our recent Supplier Day demonstrated the win-win opportunity for our suppliers to participate in Rivian's\ngrowth. The final bucket is price. The implementation of our reservation system in early 2022 provides us the pricing flexibility\nto accommodate the introduction of new products, technologies and inflationary pressures.\u201d (FAC \u00b6 166) John Murphy -Bank\nof America Securities: \u201cOne of the big things is getting the gross margin breakeven, right? I think you're talking about that\nand getting actually into positive territory into 2024. Is that purely a question of scale and in a certain level of production that's\nsignificantly above 50,000 units? I mean, how do you kind of envision getting there?\u201d Defendant McDonough: \u201cAs we think\nabout the gross profit bridge from Q4 2022 to Q4 of 2024, as you mentioned, we expect to see a true step-change not just to\nbreakeven but to positive territory in that time frame. And about 2/3 of that overall bridge is driven by fixed cost leverage that's\nderived from put \u2014 having greater levels of volume running through our plant in Normal, Illinois. The other final 1/3 of that\nwalk is split 50% based off of how we're effectively reducing our material costs. And so the material cost reductions are driven by\ndesign-related changes.\u201d (FAC \u00b6169) \u201cProduction: Increasing our production volume as we simultaneously leverage our fixed\ncosts at our manufacturing plant in Normal, Illinois is the primary lever on our path to sell each vehicle profitably. Our 2023\nproduction guidance of 50,000 vehicles remains on track, representing a 100% increase from 2022. While challenges remain,\nwe have become a stronger, more agile company through this process.\u201d (FAC \u00b6 172) \u201cDrive to sell each vehicle profitably Our\nlong-term success as a business will be determined by our ability to produce high volumes of vehicles profitably. The collective\nefforts across all our teams and functions are focused on delivering on this goal. Our target of generating positive gross profit\nin 2024 is composed of several drivers across the business. We expect approximately half of the improvement, excluding the\nimpact of lower of cost or net realizable value (\u201cLCNRV\u201d) and net losses on firm purchase commitments, will be driven by\ngreater volume. Our 2023 production guidance of 50,000 units implies a doubling of capacity utilization which we believe will\nresult in significantly lower fixed cost per vehicle, and we expect production volumes to increase further in 2024. The remaining\nhalf is split between material cost reduction and increases in average selling prices. Driving lower material costs will be enabled\nby two key factors: the integration of new technologies such as Enduro and LFP battery packs as well as commercial contract\nnegotiations with our suppliers.\n\nThe increase in average vehicle selling prices is composed of the gradual improvements we expect to achieve as we complete\nthe fulfillment of our pre-March 2022 preorder base as well as the introduction of new technologies that produce improved\nperformance and capabilities, such as our Max pack.\u201d (FAC \u00b6 174) \u201cOur ability to become profitable in the future will depend\non the continued successful development and commercial production and acceptance of our vehicles and services, our ability\nto maintain strong demand and average selling prices for our vehicles, as well as our capability to manufacture our vehicle\nportfolio efficiently and estimate and effectively manage both our operating expenditures and our capital expenditures.\u201d (FAC \u00b6\n176) \u201cOverall, the progress we're making against our core value drivers of ramping production, driving costs down, developing\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 12 of 15\n Government Works.Document 83-1 11\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\nnew technologies and platforms and enhancing customer experience positions us well to continue executing on our goals for\nthe remainder of the year as well as into 2024....\u201d (FAC \u00b6 178) \u201cI also want to take this opportunity to reiterate our gross profit\nbridge from Q1 2023 to Q4 2024. We continue to target positive gross profit in 2024. Excluding the impact of LCNRV and\nfirm purchase commitments, we expect approximately half of the improvement will be driven by greater volume and utilization\nof our installed capacity. ... Our 2023 production guidance of 50,000 units implies a doubling of capacity utilization, which\nwill result in significantly lower fixed cost per vehicle, and we expect production volumes to increase further in 2024. The\nremaining half is split between increases in average selling prices and material cost reduction. Lower material costs will be\nenabled by the integration of new technologies such as Enduro and LFP battery packs which delivered about a 25% material\ncost reduction for our commercial vehicles in Q1 versus Q4. In addition to the engineering design-driven cost reductions we\nalso expect to realize commercial cost savings as we negotiate with our suppliers. The increase in average selling prices is\nbased upon the gradual improvements we expect to achieve as we complete the fulfillment of our pre-March 2022 preorder\nbase as well as the introduction of new technologies that produced improved performance and capabilities. While gross margin\nis expected to remain negative in 2023, Q1 represented significant progress versus 04 2022 with gross profit loss per delivered\nvehicle nearly cut in half.\u201d (FAC \u00b6 178) Defendant Scaringe: \u201cSo the biggest driver towards healthy margin structure on R1\nis volume. So if you think about the path to our target state margin profile, about half is volume. And the reason for that is the\nfixed cost absorption in a large-scale plant when you're running a plant well under \u2014 at subscale is really [sic] high deal. So\nthat's by far away...\u201d A.M. Sacconaghi \u2013 Sanford Bernstein: \u201cNow when you talk about fixed cost, is that depreciation? Is\nthat overhead labor associated with that plant? Because again, at [this day], depreciation is $2,000 or $3,000 per car. So if your\nplant is theoretically half \u2014 running at half capacity, maybe $5,000 or $6,000 per car, it doesn't feel like a $20,000 difference.\n\nYou know what I'm saying?\u201d Defendant Scaringe: \u201cCorrect. So when I say a fixed, I'm bundling here for simplicity's sake.\nBut if you think of when we're running at half capacity, the staffing --the land layout is not set up for half the capacity. So the\nnumber of people on the line, so it's \u2014 your variable cost is the same. So the number of people, the cost to run the plant is the\nsame. All the nonpeople cost to run the plant remains the same. The depreciation, obviously, the overall not still the same, so\nit's divided by less vehicles. So when you put all those together, about half the reduction comes from volume. Now the other\nhalf is made up of really 2 parts. One is we have a step-up in our ASP that - we're already beginning to see, and you can see this\n\u2014 you'll see this quarter-over-quarter happen, but we had pricing that we'd originally announced and locked to \u2014 or linked\nto, I should say, our early configured vehicles. And that early pricing had a big step-up that represents roughly another 25% of\nthe step down -- or step down --or step towards profitability. And we're already seeing that. So we're now stalling at the very\nbeginning of blending in new orders, which are much higher pricing than the older orders. And then the third component for us\nis the bill of materials. So it's -that's achieved in really 2 ways. One is the commercial negotiations that we're having today with\nsuppliers. And the other are some of the things we've spent some time talking about today, which are just technical changes\nwe're making to the vehicle simplification, consolidation of componentry, new drive units. We just launched a new dual-motor\ndrive unit, which is a considerable costdown relative to what we launched with. But all those things together get us to a healthy\nmargin structure.\u201d (FAC \u00b6 1800 A.M. Sacconaghi -Sanford Bernstein: \u201cOkay. And you've talked about like orders extending\ninto 2024. Can you talk at all about sort of the rate of change of orders or backlogs in a way that makes you confident about\nvolumes going forward?... So I'm sure you look at daily orders and ready to change your backlog.\n\nAnd is there anything on that, that I mean, qualitatively, I presume that's what provides some of your confidence? Is there\nanything on that dimension that you can share that would be helpful for investors?\u201d Defendant Scaringe: \u201cNo. Just --I mean,\nas you said, I think we -we've watched the demand. I mean it is a daily thing that we watch. We have to be careful not to\noverinterpret discrete events that are happening and look at enough of a time horizon to pick the true trend. But last summer, I\nwould say it was the most extreme where you just had \u2014 demand was almost \u2014 it was off the charts.... So we're watching really\nclosely what's going to happen at the macro if that's going to introduce some major shifts, but we continue to see demand for the\nproducts, and the functionality of the products helps us here. It's not like this is a 2-seat sports car that's a purely discretionary\npurchase.\u201d (FAC \u00b6 182) Emmanuel Rosner \u201cWhat do you think in terms of consumer demand and receptiveness to your current\npricing? So you're not disclosing backlog anymore, but can we get some sense of demand trends you're seeing recently, any\nsigns of consumer slowdown?\u201d Defendant McDonough: \u201cOverall, we continue to have a really robust backlog of preorders that\nextends into 2024. We certainly have seen some impacts of the broader macroeconomic environment in 2023 as we compare\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 13 of 15\n Government Works.Document 83-1 12\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\ncurrent daily order rates relative to what we saw maybe a year ago. But we've seen really a stable environment throughout the\ncourse of this year from a demand vantage point.\u201d (FAC \u00b6 185) \u201cIn the first half of 2023, we produced 23,387 vehicles which\nis in line with the production volumes we achieved for the full year 2022. Increasing our production is the primary lever in our\npath to profitability. The incorporation of our inhouse drive units has played and will continue to play an instrumental role in\nimproving our production ramp and cost structure.\u201d (FAC \u00b6 188) \u201cOur ability to become profitable in the future will depend on\nthe continued successful development and commercial production and acceptance of our vehicles and services, our ability to\nmaintain strong demand and average selling prices for our vehicles, as well as our capability to manufacture our vehicle portfolio\nefficiently and estimate and effectively manage both our operating expenditures and our capital expenditures.\u201d (FAC \u00b6 190) Dan\nLevy - Barclays Bank: \u201c...I think one of the broader themes in the EV sales landscape today is just around demand. And I think\nthere's questions broadly around some weakness of demand. Maybe you can give us a sense -- I know you've taken away the\norder backlog, but what confidence do you have that your backlog will sustain well into 2024 and that you're going to be supply\nconstrained for the foreseeable future?\u201d Defendant Scaringe: \u201c...[W]e feel very confident in the continued backlog that we\nhave. We have clear visibility into \u2014 deep into 2024 with that backlog that's established. And as more and more vehicles are on\nthe roads, and we now have tens of thousands of Rls on the roads, it continues to feed the flywheel of awareness about the brand.\n\nAnd as I said, some of our strongest advocates are people that are driving our vehicles every day. And so we're quite bullish\non the continued strong demand we have for our products.\u201d (FAC \u00b6 192) \u201cFirst, as we look at gross profit itself, the key levers\nfor us are continuing to ramp up production volumes within our normal production facility itself. That, as we provided in our\nQ1 earnings call, we provided a little bit of details or context on a bridge from where our current financial results were in Q1\nto the end of 2024. As we think about the continued scaling and production of our facility in both the ramp of R1 vehicles and\ncontinued growth of our commercial van line as well. That's the single largest driver as we think about the path to positive gross\nprofit for us. The other key factors for us are driven by introductions of new technologies within the vehicle.\u201d (FAC \u00b6 194)\nMark Delaney - Goldman Sachs: \u201cThat's very interesting. Maybe we can shift gears a little bit and talk on demand. And given\nwhat's been a long wait times to get an Rl, some customers tend to put in orders as well in advance, sometimes over a year long.\nSo as you're notifying consumers to prepare for deliveries, what are you seeing in terms of conversion rates on that backlog?\nAre you seeing anything unusual in terms of cancellation rates? Or is the backlog holding up well?\u201d Defendant McDonough:\n\u201cThe backlog has been holding up well. As we mentioned last quarter, we had the opportunity to have our first quarter where\nwe had R1S production that outpaced R1T. And that's really important for us given the broader backlog for our vehicles have\nalways been more heavily weighted towards S. And so we are now in a position to have our production volumes minor or match\nmore closely with the backlog that we have from a demand standpoint. And so we're excited about bringing more and more\nvehicles to market. Actually one of the biggest inhibitors to purchase or the reason why someone cancels is wait time. So we're\nexcited to continue to work through that backlog, get more of the community out there glowing and building awareness and\nexcitement for the vehicles and the brand as well.\u201d (FAC \u00b6 196) \u201cAnd we've got a few big objectives, which I'll ladder into. I'm\nsure some of the core questions you're thinking about. But number one, we continue to focus on ramping production. And the\nramping of production for our fu st set of products are flagship consumer products, R1T and TVNOS, which Adam is referring\nto, along with our commercial vans. That's really critical to achieve the level of fixed cost leverage or fixed cost absorption\nwe need on the pathway to profitability in our normal facility, our fust production plant.... [W]e've done a really good job of\ncreating a product portfolio that customers want.. .we then need to be able to produce products. And so the ability to ramp.. . is\nsuch an important part this.\u201d (FAC \u00b6 198) \u201cSo we continue to see very strong demand backlog. We have market-leading residual\nvalues. If you buy our R1S today, you can sell it tomorrow for more than you bought it for. If you order an R1S today, you're\nnot going to get until the end of next year.\n\nThat's a problem but a high-class problem. It's a good problem to have.\u201d (FAC \u00b6 200) \u201cOur ability to become profitable in\nthe future will depend on the continued successful development and commercial production and acceptance of our vehicles\nand services, our ability to maintain strong demand and average selling prices for our vehicles, as well as our capability to\nmanufacture our vehicle portfolio efficiently and estimate and effectively manage both our operating expenditures and our\ncapital expenditures.\u201d (FAC \u00b6 203) Mark Delaney - Goldman Sachs: \u201cYou reiterated your view to be gross margin positive\nin 2024, but I'm hoping to better understand if you're views in how Rivian will get there, have changed at all recently, given\nthe volatility in the industry more broadly with competitors cutting EV vehicle prices, but also costs falling in Rivian, as you've\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 14 of 15\n Government Works.Document 83-1 13\n\fIndiana Public Retirement System v. Rivian Automotive, Inc., Slip Copy (2025)\n2025 WL 2426714\n\ndescribed, making so much progress on its own cost structure.\u201d Defendant Scaringe: \u201cThanks, Mark. I'll let Claire jump in\non this as well. This is just such an important topic. And ultimately, there's \u2013 I just spoke to it a bit, but there's a few major\nlevers. The first being, the continued ramp-up of our production facility and the fixed cost absorption that comes with that. We're\nseeing the benefits of that quarter-over-quarter as we continue to ramp. So it's numerically very easy to understand. The second,\nwhich is maybe less - it's not as easy to see without having a look into all of our supplier negotiations and discussions is the\nsignificant progress we're making contractually with redefining build material costs or material costs through negotiations with\nsuppliers, through resourcing of new suppliers, or through changes to the component or system design to achieve those cost\nreductions.... And then lastly, which I spoke to a moment ago is growth in ASP. And that's going to be both due to the layering\nin or the feathering in of new pricing, which again, we'll just see quarter-over-quarter as more and more of our deliveries are\nassociated with new pricing, meaning post-March 1, 2022, as we work through that. And then the other is the introduction of\nsome of these new trim packages, Max Pack, is an example, we have some new trim configurations going to be coming out\nnext year that will also help us grow ASP.\n\nSo it's a combination of ramp, material cost and ASP that give us a very high degree of confidence in our long-term for the\nbusiness....\u201d (FAC \u00b6 205) ALLEGEDSPEAKER Rivian; McDonough Rivian; Scaringe; McDonough Scaringe McDonough\nRivian; Scaringe; McDonough Rivian; Scaringe; McDonough McDonough Scaringe Rivian; McDonough; Scaringe Scaringe\nMcDonough McDonough Scaringe McDonough McDonough Rivian; McDonough Rivian; McDonough Rivian; McDonough;\nScaringe Scaringe McDonough Scaringe Scaringe McDonough Rivian; McDonough; Scaringe Rivian; McDonough; Scaringe\nScaringe McDonough Scaringe Scaringe Rivian; McDonough; Scaringe Scaringe SOURCE Ex. 11 14 - Second Quarter 2022\nShareholder Letter attached as exhibit to Second Quarter 2022 Form 10-Q (filed August 11, 2022) Ex. 2 - Second Quarter 2022\nForm 10-Q (filed August 11, 2022) Ex. 3 - Second Quarter 2022 Earnings Conference Call (August 11, 2022) Ex. 3 - Second\nQuarter 2022 Earnings Confer ence Call (August 11, 2022) Ex. 12 - Third Quarter 2022 Shareholder Letter attached as exhibit\nto Third Quarter 2022 Form 10-Q (filed November 9, 2022) Ex. 5 - Third Quarter 2022 Form 10-Q (filed November 9, 2022)\nEx. 10 - Third Quarter 2022 Conference Call (November 9, 2022) Ex. 19 - November 29, 2022 Redburn CEO Conference Ex. 1\n- Fiscal Year 2022 Form 10-K (filed February 28, 2023) Ex. 13 - February 28, 2023 Earnings Conference Call Ex. 13 - February\n28, 2023 Earnings Conference Call Ex. 13 - February 28, 2023 Earnings Conference Call Ex. 13 - February 28, 2023 Earnings\nConference Call Ex. 13 - February 28, 2023 Earnings Conference Call Ex. 20 - April 4, 2023 Bank of America Automotive\nSummit Ex. 14 - First Quarter 2023 Shareholder Letter attached as exhibit to Form 8-K (filed May 9, 2023) Ex. 14 - First\nQuarter 2023 Shareholder Letter attached as exhibit to Form 8-K (filed May 9, 2023) Ex. 6 \u2013 First Quarter 2023 Form 10-Q\n(filed May 9, 2023) Ex. 15 \u2013 May 9, 2023 Earning Conference Call Ex. 15 \u2013 May 9, 2023 Earning Conference Call Ex. 21 \u2013 June\n2, 2023 Sanford C Bernstein Strategic Decisions Conference Ex. 21 \u2013 June 2, 2023 Sanford C Bernstein Strategic Decisions\nConference Ex. 22 - June 15, 2023 Deutsche Bank Global Auto Industry Conference Ex. 16 - Second Quarter 2023 Shareholder\nLetter attached as exhibit to Form 8-K (filed August 8, 2023) Ex.7 - Second Quarter 2023 Form 10-Q (filed August 8, 2023)\nEx. 17 - August 8, 2023 Earnings Conference Call Ex. 23 - September 7, 2023 Goldman Sachs Communacopia + Technology\nConference Ex. 23 - September 7, 2023 Goldman Sachs Communacopia + Technology Conference Ex. 24 - September 14,\n2023 Morgan Stanley Laguna Conference Ex. 24 - September 14, 2023 Morgan Stanley Lagima Conference Ex. 8 - Third\nQuarter 2023 Shareholder Letter attached as exhibit to Form 8-K (filed November 7, 2023) Ex. 18 - November 7, 2023 Earnings\nConference Call\n\n14\n Exhibits as used herein refer to the exhibits which are the subject of Defendants' request for judicial notice (see Dkt.\n No. 66-2 at 4-5.)\n\nAll Citations\n\nSlip Copy, 2025 WL 2426714\n\nEnd of Document \u00a9 2025 Thomson Reuters. No claim to original U.S. Government Works.\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 15 of 15\n Government Works.Document 83-1 14\n\f","ocr_status":1,"date_upload":"2026-06-24T06:27:03.647503-07:00","document_number":"83","attachment_number":1,"pacer_doc_id":"20305857691","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":2,"description":"Ex. A - Indiana Public Retirement System v Rivian Automotive Inc.","acms_document_guid":""},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/483828061/","id":483828061,"tags":[],"absolute_url":"/docket/66582470/83/2/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2026-06-24T06:26:29.375915-07:00","date_modified":"2026-06-25T07:07:52.390289-07:00","sha1":"a5618858df167a76a3f3e75116882ceaa34181f1","page_count":10,"file_size":299491,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.83.2.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.83.2.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" EXHIBIT B\n\n\n\n\nCase 2:22-cv-01436-BHL Filed 08/26/25 Page 1 of 10 Document 83-2\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\n\n\n 2025 WL 2216149\n Only the Westlaw citation is currently available.\n United States District Court, District of Columbia.\n\n Brenda HAWKINS, et al., Plaintiffs,\n v.\n DANAHER CORPORATION, et al., Defendants.\n\n Civil Action No. 23-02055 (AHA)\n |\n Signed August 4, 2025\n\nAttorneys and Law Firms\n\nDaniel S. Sommers, Jan Messerschmidt, Cohen Milstein Sellers & Toll PLLC, Washington, DC, Jeremy A. Lieberman, Pro\nHac Vice, Joseph Alexander Hood, II, Pro Hac Vice, Justin David D'Aloia, Pro Hac Vice, Thomas Henry Przybylowski, Pro\nHac Vice, Pomerantz LLP, New York, NY, for Plaintiff Brenda Hawkins.\n\nDaniel S. Sommers, Cohen Milstein Sellers & Toll PLLC, Washington, DC, Justin David D'Aloia, Pro Hac Vice, Jeremy A.\nLieberman, Pomerantz LLP, New York, NY, for Plaintiff Derek Einersen.\n\nFrancis Joseph Warin, George Jarrod Hazel, Jason J. Mendro, Lissa M. Percopo, Gibson, Dunn & Crutcher, LLP, Washington,\nDC, Brian M. Lutz, Pro Hac Vice, Gibson, Dunn & Crutcher, LLP, San Francisco, CA, for Defendants Danaher Corporation,\nRainer M. Blair, Matt McGrew.\n\nBrian M. Lutz, Gibson, Dunn & Crutcher, LLP, San Francisco, CA, Lissa M. Percopo, Gibson, Dunn & Crutcher, LLP,\nWashington, DC, for Defendant Emmanuel Ligner.\n\n\n\n Memorandum Opinion and Order\n\nAMIR H. ALI, United States District Judge\n\n *1 Two shareholders bring this putative class action against Danaher Corporation and three of the corporation's officers alleging\nsecurities fraud in violation of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities and Exchange\nCommission (\u201cSEC\u201d) Rule 10b\u20135. Danaher and its officers move to dismiss the amended complaint for failing to state a claim.\nThe Court grants the motion in part and denies it in part.\n\n\n\nI. Background 1\n1 As required at the pleading stage, the Court accepts the amended complaint's well-pled factual allegations and draws\n all reasonable inferences in the shareholders\u2019 favor. Banneker Ventures, LLC v. Graham, 798 F.3d 1119, 1129 (D.C. Cir.\n 2015). This includes the shareholders\u2019 allegations about what the defendants said on earnings calls, in press releases,\n and in other communications. The defendants move the Court to take judicial notice of transcripts and SEC filings that\n include more than the particular statements referenced in the amended complaint. ECF No. 29. The shareholders accept\n that the Court can \u201ctake notice of the statements contained in the exhibits identified in the [Request for Judicial Notice]\n for the fact that they were publicly available, not their truth.\u201d ECF No. 33 at 3. The Court grants the defendants\u2019 motion\n to take judicial notice but continues to accept the shareholders\u2019 well-pled allegations as true.\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 2 of 10\n Government Works.Document 83-2 1\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\nDanaher is a global conglomerate; it owns companies that design, manufacture, and market professional, medical, industrial, and\ncommercial products and services worldwide. ECF No. 24 \u00b6\u00b6 2, 22. Danaher organizes those companies into three segments:\nbiotechnology, life sciences, and diagnostics. Id. \u00b6 2. In 2020, the life sciences and diagnostics segments made about three\nquarters of Danaher's annual revenues. Id. \u00b6 27. During the COVID-19 pandemic, those two segments were uniquely positioned\nto succeed. Danaher's diagnostics companies developed and sold some of the earliest tests on the market. Id. \u00b6\u00b6 33\u201337. And the\nbioprocessing division of Danaher's life sciences segment sold equipment and services to large pharmaceutical companies and\nsmall biotechnology startups working on vaccines and therapies to prevent and treat COVID-19. Id. \u00b6 39. Because of the high\ndemand for its operating companies\u2019 products and services during the pandemic, Danaher's revenues rose sharply from $18\nbillion in 2019 to $29 billion in 2021. Id. \u00b6 40. Virtually all of that growth was generated by the life sciences and diagnostics\nsegments. Id. Danaher's stock price also rose, from $121.39 per share in March 2020 to $329.01 per share in December 2021.\nId. \u00b6 41.\n\nAccording to the amended complaint, investors focused on Danaher's bioprocessing division as COVID-19 evolved from an\nuncontrolled pandemic to a more predictable endemic illness. Id. \u00b6\u00b6 42\u201347. The amended complaint alleges that Danaher and its\nofficers knew of internal forecasts that revealed upcoming challenges for the bioprocessing division due to a variety of market\nforces. Id. \u00b6 56. First, COVID-19 was less widespread and demand for Danaher's related products and services had begun to\nwane. Id. \u00b6 57. Second, the pandemic's disruption of global supply chains had led to delayed orders, so many of Danaher's large\npharmaceutical company customers could rely on stockpiles of inventory that had accumulated over time instead of placing\nnew orders. Id. \u00b6 58. Third, funding began to dry up for many of Danaher's smaller biotechnology customers, which became\nmore conservative with their ordering as a result. Id. \u00b6 59.\n\n *2 The amended complaint alleges Danaher and its executives knew about these changing conditions but continued to give\ninvestors bullish projections anyway. Id. \u00b6\u00b6 6\u20137. In January 2022, Danaher's CEO maintained the bioprocessing division would\nmake as much revenue from the sale of its COVID-19 products as it had a year earlier, during the height of the pandemic. Id. \u00b6\n65. He added that the bioprocessing division would, as a whole, do even more business in 2022 than it did in 2021\u2014that is, the\ncombined amount of COVID-19 sales and non-COVID-19 sales would grow compared to the previous year. Id. Danaher and its\nexecutives made similar optimistic forecasts on earnings calls, at conferences, and in press releases, despite pointed questions\nfrom investors and analysts asking them about the new headwinds. Id. \u00b6 59. The amended complaint alleges that they eventually\nrevised these expectations downward, but that it was too little, too late\u2014not until October 2023 did the CEO tell investors that\nDanaher's bioprocessing division was now expected to see a decline in revenue. Id. \u00b6 166.\n\nThe plaintiffs are shareholders who acquired Danaher stock between January 2022 and October 2023. Id. \u00b6 1. They allege that\nthey suffered financial losses because they relied on various misleading statements that caused them to misjudge the value of\nDanaher stock. Id. \u00b6\u00b6 196\u201397. They bring this putative securities fraud class action against Danaher and three of its officers:\nPresident and CEO Rainer Blair, Chief Financial Officer Matthew McGrew, and former senior executive Emmanuel Ligner.\nSpecifically, the shareholders allege violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC\nRule 10b\u20135. The defendants have moved to dismiss for failure to state a claim under Federal Rule of Civil Procedure 12(b)(6).\n\n\nII. Legal Standard\nTo survive dismissal under Rule 12(b)(6), a complaint must \u201cstate a claim to relief that is plausible on its face.\u201d Ashcroft v.\nIqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atl. Corp. v. Twombly, 550 U.S. 544, 570 (2007)). \u201cA claim has facial plausibility\nwhen the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for\nthe misconduct alleged.\u201d Id. \u201cThe plausibility standard is not akin to a \u2018probability requirement,\u2019 but it asks for more than a\nsheer possibility that a defendant has acted unlawfully.\u201d Id. (quoting Twombly, 550 U.S. at 556). \u201c[A] well-pleaded complaint\nshould be allowed to proceed \u2018even if it strikes a savvy judge that actual proof of [the alleged] facts is improbable, and that\na recovery is very remote and unlikely.\u2019 \u201d Banneker Ventures, LLC v. Graham, 798 F.3d 1119, 1129 (D.C. Cir. 2015) (second\nalteration in original) (quoting Twombly, 550 U.S. at 556).\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 3 of 10\n Government Works.Document 83-2 2\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\nSecurities fraud claims must satisfy a higher pleading standard. Federal rules require a plaintiff to \u201cstate with particularity the\ncircumstances constituting fraud.\u201d Fed. R. Civ. P. 9(b). And, under the Private Securities Litigation Reform Act (\u201cPSLRA\u201d),\na plaintiff must further \u201cspecify each statement alleged to have been misleading, the reason or reasons why the statement is\nmisleading, and, if an allegation regarding the statement or omission is made on information and belief, ... state with particularity\nall facts on which that belief is formed.\u201d 15 U.S.C. \u00a7 78u\u20134(b)(1). In addition, the plaintiff must \u201cstate with particularity facts\ngiving rise to a strong inference that the defendant acted with the required state of mind.\u201d Id. \u00a7 78u\u20134(b)(2)(A). A strong\ninference is one that is \u201cmore than merely plausible or reasonable\u2014it must be cogent and at least as compelling as any opposing\ninference of nonfraudulent intent.\u201d Tellabs, Inc. v. Makor Issues & Rts., Ltd., 551 U.S. 308, 314 (2007). \u201cIn determining whether\nthis inference can be reasonably drawn, courts must consider both the inferences urged by the plaintiff and any competing\ninferences rationally drawn from all the facts alleged, taken collectively.\u201d ECA & Local 134 IBEW Joint Pension Tr. of Chi. v.\nJP Morgan Chase Co., 553 F.3d 187, 198 (2d Cir. 2009) (citing Tellabs, 551 U.S. at 314, 323).\n\n\nIII. Discussion\n\n A. The Shareholders\u2019 First Count Survives In Part\n *3 The shareholders\u2019 first count asserts a claim under section 10(b) of the Securities Exchange Act of 1934 and SEC Rule\n10b\u20135, which \u201cprohibit making any material misstatement or omission in connection with the purchase or sale of any security.\u201d\nHalliburton Co. v. Erica P. John Fund, Inc., 573 U.S. 258, 267 (2014); see 15 U.S.C. \u00a7 78j(b) (barring the use of a \u201cmanipulative\nor deceptive device or contrivance\u201d related to \u201cthe purchase or sale of any security\u201d that contravenes \u201csuch rules and regulations\nas the [SEC] may prescribe\u201d); 17 C.F.R. \u00a7 240.10b\u20135(b) (clarifying that unlawful \u201cmanipulative and deceptive devices\u201d include\nuntrue statements of material fact and misleading omissions of material fact). According to the shareholders, Danaher and its\nofficers made dozens of statements on earnings calls, at conferences, and in press releases throughout 2022 and 2023 that violate\nsection 10(b) and Rule 10b\u20135. The defendants argue that most of those statements were forward-looking and entitled to greater\nprotection, which forecloses the shareholders\u2019 claim. Moreover, while the defendants acknowledge that some of the challenged\nstatements are not forward-looking, they say that the shareholders have failed to sufficiently plead the requisite falsity and\nscienter under section 10(b) and Rule 10b\u20135. 2\n\n2 The defendants also argue that plaintiff Derek Einersen lacks standing because the amended complaint \u201cfails to specify\n whether and when Einersen purchased Danaher stock, and whether Einersen held any Danaher stock at the time of the\n purported corrective disclosures.\u201d ECF No. 28-1 at 35. However, the amended complaint explicitly alleges \u201cPlaintiffs\n acquired Danaher securities ... during the Class Period\u201d and defines \u201cPlaintiffs\u201d to include Einersen. The shareholders\n point this out in their opposition to dismissal, and the defendants make no argument in response. The Court therefore\n concludes Einersen has pled standing.\nTo state a claim of section 10(b) and Rule 10b\u20135 securities fraud, an investor must allege (1) a material misrepresentation or\nomission; (2) scienter; (3) a connection to the purchase or sale of a security; (4) reliance on the misrepresentation or omission;\n(5) economic loss; and (6) loss causation. See Matrixx Initiatives, Inc. v. Siracusano, 563 U.S. 27, 37\u201338 (2011). In the PSLRA,\nCongress created a safe harbor from liability for certain forward-looking statements. 15 U.S.C. \u00a7 78u\u20135(c). A forward-looking\nstatement cannot be the basis for liability if it meets one of three conditions: (1) the statement is \u201cidentified as a forward-looking\nstatement\u201d and \u201caccompanied by meaningful cautionary statements identifying important factors that could cause actual results\nto differ materially from those in the forward-looking statement\u201d; (2) the statement is \u201cimmaterial\u201d; or (3) \u201cthe plaintiff fails\nto prove that the forward-looking statement ... was made with actual knowledge ... that the statement was false or misleading.\u201d\nId.; see also Slayton v. Am. Exp. Co., 604 F.3d 758, 766 (2d Cir. 2010) (observing that only one condition need apply because\nthe safe harbor is written in the disjunctive). 3\n\n3 The PSLRA states the first condition of the safe harbor is \u201cdeemed to be satisfied\u201d for certain oral forward-looking\n statements. 15 U.S.C. \u00a7 78u\u20135(c)(2). The defendants do not rely on this provision; the Court therefore analyzes forward-\n looking statements under the general framework.\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 4 of 10\n Government Works.Document 83-2 3\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\nAs the parties acknowledge, these differing standards often require courts to distinguish between statements that are about the\npresent or past, which can be the basis for liability under section 10(b) and Rule 10b\u20135, and those that are forward-looking\nwithin the meaning of the statute, which are shielded from liability if eligible for the safe harbor. This may also require courts\nto sever a statement into components, where part of the statement refers to the future and part does not. See, e.g., Makor Issues\n& Rts., Ltd. v. Tellabs Inc., 513 F.3d 702, 705 (7th Cir. 2008) (holding that \u201ca mixed present/future statement is not entitled to\nthe safe harbor with respect to the part of the statement that refers to the present\u201d); In re Stone & Webster, Inc., Sec. Litig., 414\nF.3d 187, 212\u201313 (1st Cir. 2005) (holding that \u201c[t]he mere fact that a statement contains some reference to a projection of future\nevents cannot sensibly bring the statement within the safe harbor if the allegation of falsehood relates to non-forward-looking\naspects of the statement\u201d). As is common, here, many of the challenged earnings calls, conferences, and press releases have\nstatements about both the present and the future. See, e.g., ECF No. 24 \u00b6\u00b6 65, 96 (April 2022 earnings call informing analysts\nthat defendants did not \u201csee a significant buildup in the supply chain\u201d and predicting that the revenue from COVID-19-related\nsales would remain the same in 2022 while the revenue for the bioprocessing division as a whole would grow); id. \u00b6\u00b6 112\u201313\n(July 2022 earnings call assuring analysts and investors that \u201cwe really haven't seen much of an impact of the biotech funding\ncrunch here affecting the customer activity levels that we have\u201d and offering growth rate projections for 2023); id. \u00b6\u00b6 137\u2013\n38 (January 2023 earnings call explaining that orders were down because \u201ccustomers continued to adjust for our shorter lead\ntimes\u201d and predicting growth rates for 2023). As explained below, the Court concludes the shareholders have stated a claim as\nto some present statements and, with respect to forward-looking statements, have stated a claim only as to projections made\nduring the April 2022 earnings call.\n\n\n 1. The Shareholders Have Stated A Claim As To Certain Present Statements\n *4 The amended complaint identifies many statements in the 2022 and 2023 earnings calls, conferences, and press releases\nthat make representations about present circumstances. These include general statements about the company's performance and\noperations, as well as statements about current demand, growth, and build-up of inventory. The defendants acknowledge that\nthese communications include present statements, but they argue the shareholders have failed to state a claim under section\n10(b) and Rule 10b\u20135 for a few reasons.\n\nFirst, the defendants argue that many of the present statements are simply corporate puffery\u2014that is, \u201cgeneralized statements\nof optimism that are not capable of objective verification\u201d and \u201ctoo general to cause a reasonable investor to rely upon them\u201d\nin a way that could create liability. In re Harman Int'l Indus., Inc. Sec. Litig., 791 F.3d 90, 109 (D.C. Cir. 2015) (quoting\nGrossman v. Novell, Inc., 120 F.3d 1112, 1119 (10th Cir. 1997); ECA, 553 F.3d at 206); see ECF No. 28-1 at 15 n.4. As set forth\nabove, section 10(b) and Rule 10b\u20135 require a misrepresentation or omission to be material, i.e., that there be a \u201csubstantial\nlikelihood\u201d a reasonable investor would consider the information \u201cimportant.\u201d TSC Indus. Inc. v. Northway, Inc., 426 U.S. 438,\n449 (1976). The D.C. Circuit has accordingly recognized that puffery is \u201ctoo squishy, too untethered to anything measurable,\nto communicate anything that a reasonable person would deem important to a securities investment decision.\u201d Harman, 791\nF.3d at 109 (quoting City of Monroe Emps. Ret. Sys. v. Bridgestone Corp., 399 F.3d 651, 671 (6th Cir. 2005)). At the same\ntime, a \u201ccomplaint should not be dismissed ... on the ground that the alleged misstatements or omissions are not material unless\nthey are so obviously unimportant ... that reasonable minds could not differ on the question of their importance.\u201d Kas v. Fin.\nGen. Bankshares, Inc., 796 F.2d 508, 514 (D.C. Cir. 1986); see also SEC v. Kokorich, 663 F. Supp. 3d 63, 77 (D.D.C. 2023)\n(concluding that the materiality of challenged statements could not be decided on a motion to dismiss when it was not clear\nthat the statements were so \u201cpalpably unimportant\u201d as to be immaterial (quoting In re Newbridge Networks Sec. Litig., 767 F.\nSupp. 275, 279 (D.D.C. 1991))).\n\nThe defendants\u2019 argument is well-taken as to several of the statements that the shareholders challenge. For example, in their\nJanuary 2022, July 2022, and October 2022 press releases, the defendants made generalized statements about the company's\n\u201cexceptional portfolio,\u201d \u201ctalented team,\u201d and the \u201cstrong foundation\u201d provided by the \u201cpower of the Danaher Business System.\u201d\nECF No. 24 \u00b6\u00b6 84, 107, 121. And at a September 2022 investor and analyst conference, the defendants announced that Danaher\nhad made changes to its internal structure by \u201ctaking ... 2 outstanding companies and putting them together,\u201d thereby \u201ccreating\nan undisputed leaders [sic] in the bioprocessing.\u201d Id. \u00b6 116. These are the type of \u201cgeneralized statements of optimism\u201d that\nare \u201ctoo general to cause a reasonable investor to rely upon them\u201d so as to be puffery, even drawing all reasonable inferences\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 5 of 10\n Government Works.Document 83-2 4\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\nfor the shareholders. Harman, 791 F.3d at 109 (quoting Grossman, 120 F.3d at 1119; ECA, 553 F.3d at 206). The shareholders\naccordingly have not stated a claim as to these and similar statements.\n\nSeveral other present statements alleged in the amended complaint cannot be characterized as mere puffery, however, especially\nwhen considered alongside the shareholders\u2019 specific allegations about what business components investors were focused on.\nSee Harman, 791 F.3d at 109 (recognizing that whether a statement is puffery depends on the \u201ccontext in which [the statement]\nis made\u201d); In re BHP Billiton Ltd. Sec. Litig., 276 F. Supp. 3d 65, 79 (S.D.N.Y. 2017) (recognizing that a statement may seem\nlike puffery \u201cin isolation\u201d but be material in context, especially if the statement addresses matters \u201cparticularly important to\nthe company and investors\u201d (quoting In re Petrobras Sec. Litig., 116 F. Supp. 3d 368, 381 (S.D.N.Y. 2015))). In particular, the\namended complaint identifies numerous communications across earnings calls, conferences, and press releases about present\ndemand. These include statements specifically concerning the impacts of the COVID-19 pandemic, inventory stockpiling,\nand biotechnology funding on demand for the bioprocessing division's products and services\u2014the core of the shareholders\u2019\nallegations of misleading statements. See ECF No. 24 \u00b6\u00b6 6\u20137. For example:\n\n *5 \u2022 On an April 2022 earnings call, the defendants responded to an analyst's question about customers stockpiling products\n in a way that would reduce their need to place orders in the future by insisting that they \u201care very, very sensitive to this\n particular topic and stay extremely close with our customers,\u201d even \u201cworking together with them ... to ensure that we don't\n have inventory buildup in the system.\u201d Id. \u00b6 96. The defendants concluded by saying they \u201cdon't see a significant buildup.\u201d\n Id. The defendants concede that these statements were not forward-looking. See ECF No. 28-2 at 2\u20133.\n\n \u2022 At a May 2022 conference, the defendants assured analysts that they \u201cdon't worry much about\u201d the biotechnology funding\n environment because \u201cearly-stage biotechs\u201d have only a marginal impact on the business. Id. \u00b6 105.\n\n \u2022 On a July 2022 earnings call, the defendants assured analysts that \u201cas always we're working closely with customers to ensure\n they have the right inventory levels to support their planned activity.\u201d Id. \u00b6 108. And they explained that they \u201creally haven't\n seen much of an impact of the biotech funding crunch here affecting the customer activity levels that we have.\u201d Id. \u00b6 113.\n\n \u2022 On an October 2022 earnings call, the defendants commented on the prevalence of inventory stockpiling, reassuring\n investors that they \u201cfeel as though we are well positioned to understand the inventory situation\u201d and they \u201cdon't believe\n that there is a general overstocking in the market,\u201d but recognizing that \u201cthere are pockets where inventories are high\u201d due\n to customers \u201ccanceling orders specifically for COVID.\u201d Id. \u00b6 124. The defendants also told investors that orders were\n down because they had \u201cmeaningfully reduced our lead time,\u201d which reduced customers\u2019 need to place several orders at\n once to account for delivery delays.\n\n \u2022 At a November 2022 conference, the defendants stated that they \u201creally don't see an enormous amount of stocking going\n on,\u201d because although \u201cthere are pockets where there has been some inventory buildup and they tend to be related to\n customers who had larger COVID-related programs,\u201d those are \u201creally just pockets with larger players who are quite well\n positioned to draw that down.\u201d Id. \u00b6 129.\n\n \u2022 In January 2023, the defendants informed investors they were \u201cworking through the inventory pockets that we spoke about\n that were related primarily to COVID programs\u201d; explained that orders were down because \u201ccustomers continued to adjust\n for our shorter lead times\u201d; and described how they had \u201cspent the last several weeks talking to our customers to understand\n their planning assumptions for the year,\u201d which left them with the \u201cclear message\u201d that \u201cunderlying demand remains robust\n and unchanged.\u201d Id. \u00b6\u00b6 136, 137, 139.\n\n \u2022 On an April 2023 earnings call, the defendants stated that \u201cdemand at our large customers ... remains robust and they're\n steadily working through the inventory they built during the pandemic.\u201d Id. \u00b6 145. The defendants recognized that \u201c[d]uring\n the quarter, we also saw softer demand globally at many of our emerging biotech customers as more pronounced pressures\n on liquidity and funding accelerated their efforts to conserve capital leading to project delays and cancellations.\u201d Id.\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 6 of 10\n Government Works.Document 83-2 5\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\nThe shareholders have plausibly alleged a section 10(b) and Rule 10b\u20135 claim as to these statements. The defendants do not\ncontest that, crediting the amended complaint's allegations, such statements would be material to a reasonable investor, such\nthat they could be relied upon and cause economic loss if misleading when made. The amended complaint alleges investors\nwere focused on the bioprocessing division. Shortly before the class period, analysts informed the defendants that the question\ninvestors asked most was about the bioprocessing division's performance going forward. Id. \u00b6 46. During the class period,\nanalysts asked about bioprocessing \u201con every single call hosted by Danaher.\u201d Id. \u00b6 47. Indeed, they told the defendants explicitly\nthat bioprocessing was \u201cobviously an area of interest for most of us.\u201d Id. Immediately after the class period, analysts emphasized\nthe \u201ctremendous amount of focus\u201d directed at the bioprocessing division. Id. Analysts were specifically interested in how the\nthree market forces at issue here\u2014the increasingly endemic nature of COVID-19, inventory stockpiling, and shrinking funding\nopportunities for biotechnology companies\u2014affected the biotechnology division. See, e.g., id. (noting that an analyst told the\ndefendants that there was \u201cinterest\u201d from investors in \u201cdissecting COVID\u201d and its effects on bioprocessing); id. \u00b6 136 (describing\na question from an analyst about overstocking); id. \u00b6 104 (describing how an analyst told the defendants that \u201cinvestors were\ninterested in knowing whether the Company was worried about the biotech funding environment\u201d); id. \u00b6 113 (describing how an\nanalyst noted \u201cconcerns about the potential slowdown in biotech funding\u201d and asked the defendants whether they had observed\nany corresponding impact on demand). Rather, the defendants argue that the shareholders have failed to adequately allege that the\nstatements were misleading when made and made with the requisite scienter. But the amended complaint alleges particularized\nfacts as to both. 4\n\n4 The defendants say some of the challenged statements are opinions and that they are not actionable because the\n shareholders did not allege them to be misleading. Courts apply a different standard for analyzing whether an opinion is\n false or misleading. A plaintiff either must allege that the speaker did not actually hold the opinion or \u201cidentify particular\n (and material) facts going to the basis for the issuer's opinion\u2014facts about the inquiry the issuer did or did not conduct or\n the knowledge it did or did not have\u2014whose omission makes the opinion statement at issue misleading to a reasonable\n person reading the statement fairly and in context.\u201d Omnicare, Inc. v. Laborers Dist. Council Const. Indus. Pension\n Fund, 575 U.S. 175, 194 (2015). If a reasonable investor would \u201cunderstand an opinion statement to convey facts about\n how the speaker has formed the opinion,\u201d and \u201cif the real facts are otherwise, but not provided, the opinion statement\n will mislead its audience.\u201d Id. at 188; see also Kowal v. MCI Commc'ns Corp., 16 F.3d 1271, 1277 (D.C. Cir. 1994)\n (opinion statements are \u201cmisleading for the purposes of the securities laws if they were issued without good faith or\n lacked a reasonable basis when made\u201d). The shareholders\u2019 allegations in this case are relevant to the falsity standard for\n statements of facts and statements of opinion: their theory is that the defendants either had access to or actually were\n aware of facts that they omitted from both kinds of statement, which, if adequately alleged, would satisfy either standard.\n *6 The amended complaint adequately alleges that the statements were misleading when made. Once a company \u201cchooses to\nvolunteer ... information\u201d on a topic, \u201cits disclosure must be full and fair.\u201d Kowal v. MCI Commc'ns Corp., 16 F.3d 1271, 1277\n(D.C. Cir. 1994). \u201c[L]iteral accuracy is not enough: An issuer must as well desist from misleading investors by saying one thing\nand holding back another.\u201d Omnicare, Inc. v. Laborers Dist. Council Const. Indus. Pension Fund, 575 U.S. 175, 187\u201393 (2015).\nThe amended complaint includes particularized allegations that the defendants\u2019 statements omitted important information about\ndemand. The defendants assured investors that there was still significant demand for COVID-19 products through mid-March\n2022. ECF No. 24 \u00b6\u00b6 85, 92. The defendants also denied any suggestion that inventory stockpiling and funding constraints\nwere affecting sales until 2023. Id. \u00b6\u00b6 96, 105, 108, 113, 122, 124. But the shareholders allege that by early 2022, demand for\nCOVID-19 products had declined as the virus transitioned from pandemic to endemic and customers shifted their attention to\nnon-COVID-19 products. Id. \u00b6\u00b6 57, 66. By mid-2022, larger pharmaceutical companies had stockpiled enough inventory to\nobviate the need to place new orders. Id. \u00b6\u00b6 58, 74\u201377. Around the same time, smaller biotechnology startup customers had\nstarted to scale back their projects after losing access to capital. Id. \u00b6\u00b6 59, 74\u201377. The shareholders also allege that by early\n2023, these same trends had started to make waves in the Chinese market, which had until that point \u201cremained a strong market\nfor the bioprocessing division.\u201d Id. \u00b6\u00b6 78\u201379.\n\nThe shareholders have adequately alleged scienter as well. The scienter required for section 10(b) and Rule 10b\u20135 claims\nincludes both \u201cintent to deceive or defraud\u201d as well as \u201cextreme recklessness to that effect.\u201d Lorenzo v. SEC, 872 F.3d 578,\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 7 of 10\n Government Works.Document 83-2 6\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\n589 (D.C. Cir. 2017). Extreme recklessness is an \u201cextreme departure from the standards of ordinary care ... which presents a\ndanger of misleading buyers or sellers that is either known to the defendant or so obvious that the actor must have been aware.\u201d\nRockies Fund, Inc. v. SEC, 428 F.3d 1088, 1093 (D.C. Cir. 2005) (quoting SEC v. Steadman, 967 F.2d 636, 642 (D.C. Cir.\n1992)). Under the PSLRA, the shareholders must plead facts giving rise to a \u201cstrong inference\u201d of scienter. 15 U.S.C. \u00a7 78u\u2013\n4(b)(2)(A). The inference \u201cneed not be irrefutable, i.e., of the \u2018smoking-gun\u2019 genre, or even the \u2018most plausible.\u2019 \u201d Tellabs, 551\nU.S. at 324 (quoting Fidel v. Farley, 392 F.3d 220, 227 (6th Cir. 2004)). And the Court must review the allegations holistically\nto determine \u201cwhether all of the facts alleged, taken collectively, give rise to a strong inference of scienter, not whether any\nindividual allegation, scrutinized in isolation, meets that standard.\u201d Id. at 323.\n\nThe amended complaint adequately alleges extreme recklessness. The shareholders describe a series of market forces placing\ndownward pressure on demand for Danaher's products and explain how the defendants had access to information about\nthese market forces. The defendants had sophisticated means of gathering information from Danaher customers, including\nby conducting regular surveys and engaging in frequent dialogue on important topics. ECF No. 24 \u00b6\u00b6 124, 171\u201375. Indeed,\nthis was a practice that the defendants advertised to investors and analysts as a major strength of the business. Id. \u00b6 171. The\nshareholders allege even more specifically that the defendants were not just gathering general information from customers, but\nthat they were actively collecting information about these market forces and their effect on demand. They base that allegation\non the defendants\u2019 own statements to analysts who pressed the defendants for answers about these market forces and their\nlikely impact on revenues. In response to pointed questions, the defendants reassured investors that they were confident in their\nprojections because they were based on recent interactions with customers. See, e.g., id. \u00b6 188. The shareholders also allege that\nthe defendants prioritized the bioprocessing division, and that they knew their investors felt the same way. Id. \u00b6\u00b6 190\u201393.\n\nIn addition, the amended complaint incorporates the allegations of a confidential witness who says that they heard Blair admit\nto making up more favorable numbers for an April 2022 earnings call\u2014a call which the shareholders allege involved extensive\ndiscussion about the bioprocessing division's anticipated performance. Id. \u00b6\u00b6 64, 96\u2013100. Regardless of whether the projections\nultimately proved accurate or not, see ECF No. 34 at 20, this allegation is significant because it indicates that at least once during\nthe class period, Blair had actual knowledge of information that made his public statements inaccurate, but he ignored that\ninformation in favor of making statements that would appeal to investors. This instance of actual knowledge combined with the\nshareholders\u2019 other allegations indicating the defendants had access to crucial information throughout the class period supports\nthe inference that the defendants disregarded the obvious danger of misleading investors. That inference is further bolstered\nby the fact that the shareholders have identified a plausible profit motive for these misstatements. ECF No. 24 \u00b6\u00b6 177\u201383. In\nsum, these allegations support an inference that is at least as compelling as the competing inference that the defendants did\nnot act extremely recklessly by making optimistic statements about the state of demand while omitting troubling information\nthat was available to them. 5\n\n5 The shareholders briefly allege that, in addition to making misleading statements on earnings calls, at conferences,\n and in press releases, the defendants \u201cfailed to disclose the known uncertainties associated with volatility in demand\n for its COVID-related and non-COVID products\u201d in annual and quarterly reports they were required to file with the\n SEC during the class period. According to the amended complaint, this silence violated Item 303 of Regulation S\u2013K,\n which requires the disclosure of \u201cany known trends or uncertainties that have had or that are reasonably likely to have\n a material favorable or unfavorable impact on net sales or revenues or income from continuing operations.\u201d 17 C.F.R. \u00a7\n 229.303(b)(2)(ii). The defendants argue \u201cItem 303 does not provide a basis for a private suit\u201d under section 10(b) or Rule\n 10b\u20135. ECF No. 28 at 22. The Supreme Court has since clarified that \u201c[p]ure omissions are not actionable under Item\n 303.\u201d Macquarie Infrastructure Corp. v. Moab Partners, L.P., 601 U.S. 257, 260 (2024). However, failure to disclose\n the information required by Item 303 can amount to a section 10(b) and Rule 10b\u20135 violation \u201cif the omission renders\n affirmative statements made misleading.\u201d Id. at 265.\n In their briefing, the shareholders point the Court to allegedly misleading affirmative statements in specific sections of\n certain SEC filings, noting they \u201cdid not have the benefit of the Macquarie decision at the time the [amended complaint]\n was filed and therefore did not specify these misstatements.\u201d ECF No. 32 at 29 n.5. The defendants argue amendment of\n the complaint would be futile because the shareholders have not identified trends or uncertainties they failed to disclose.\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 8 of 10\n Government Works.Document 83-2 7\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\n ECF No. 32 at 14 n.7. The Court will consider any request to further amend the complaint, as well as any opposition,\n in the context of a motion addressing the applicable legal standards.\n\n 2. The Shareholders Have Not Adequately Pled A Claim As To Forward-Looking Statements, Except For Projections\n During The April 2022 Earnings Call\n *7 As discussed, the shareholders also challenge communications that include forward-looking statements. The defendants\nargue those statements are shielded under the PSLRA's safe harbor. That point is well-taken. The shareholders do not allege\nsufficiently particularized facts as to the future statements, with the exception of projections in the April 2022 earnings call.\n\nThe term \u201cforward-looking statement\u201d is \u201cbroadly defined\u201d in the statute. Inst. Invs. Grp. v. Avaya, Inc., 564 F.3d 242, 255\n(3d Cir. 2009). It includes statements \u201ccontaining a projection of revenues, income (including income loss), [and] earnings\n(including earnings loss) per share\u201d; statements of \u201cthe plans and objectives of management for future operations, including\nplans or objectives relating to ... products or services\u201d; statements of \u201cfuture economic performance\u201d; and \u201cany statement of\nthe assumptions underlying or relating to\u201d these topics. 15 U.S.C. \u00a7 78u\u20135(i)(1). As described above, the defendants are not\nliable for forward-looking statements if one of three conditions are met: (1) the statements are identified as forward-looking\nand accompanied by meaningful cautionary language; (2) the statements are immaterial; or (3) the shareholders fail to allege\nthat the defendants had actual knowledge that the statements were misleading. Id. \u00a7 78u\u20135(c)(1). Actual knowledge is a more\ndemanding scienter requirement than extreme recklessness. Actual knowledge can take a few different forms: it can mean that\nthe speaker did not genuinely believe the statement, or that the speaker knew there was no reasonable basis for it, or that the\nspeaker was aware of undisclosed facts that seriously undermined the accuracy of the statement. Slayton, 604 F.3d at 775. 6\n\n6 The shareholders appear to argue that a seemingly forward-looking statement is not forward-looking for safe harbor\n purposes if it is based on an omission of a present or historical fact. See ECF No. 32 at 13. But nothing in the text of the\n statute suggests that a statement that otherwise fits its definition of a forward-looking statement loses its forward-looking\n character if it omitted certain information. The statutory definition does not contain qualifiers or exceptions indicating\n that only some kinds of revenue projections or predictions of future economic performance are forward-looking. See\n Julianello v. K-V Pharm. Co., 791 F.3d 915, 921 (8th Cir. 2015) (\u201cThe critical inquiry in determining whether a statement\n is forward-looking is whether its veracity can be determined at the time the statement is made.\u201d); Harris v. Ivax Corp.,\n 182 F.3d 799, 805 (11th Cir. 1999) (same); In re Cutera Sec. Litig., 610 F.3d 1103, 1106, 1111 (9th Cir. 2010) (concluding\n that an \u201cearnings projection is by definition a forward-looking statement,\u201d even where the plaintiffs alleged that the\n projection was \u201cfalse and misleading\u201d because the defendant failed to disclose material facts that affected the projection);\n Baron v. Smith, 380 F.3d 49, 53\u201354 (1st Cir. 2004) (describing allegedly deceptive statements as forward-looking despite\n the material omissions of present fact that plaintiffs claimed rendered the statements unreliable).\n Of course, omissions of present or historical fact can still play an important role in analyzing whether a forward-looking\n statement is entitled to safe harbor protection. For example, the omission may be the reason why the forward-looking\n statement fails to satisfy the \u201cmeaningful cautionary language\u201d condition. See Harman, 791 F.3d at 102 (\u201c[C]autionary\n language cannot be \u2018meaningful\u2019 if it is \u2018misleading in light of historical fact[s]\u2019 \u2018that were established at the time the\n statement was made.\u2019 \u201d (citations omitted) (quoting Slayton, 604 F.3d at 770, 779)). The omission may also factor into a\n plaintiff's allegations that the defendant had \u201cactual knowledge\u201d of the false or misleading nature of the forward-looking\n statement, which would seal off one of the defendant's alternative routes to safe harbor protection.\n *8 The shareholders\u2019 allegations do not support a strong inference of actual knowledge for most forward-looking statements.\nThe allegations must give rise to a strong inference that the defendants were actually aware of the true state of customer\ndemand\u2014not just that they recklessly ignored or overlooked that information. For almost all of the forward-looking statements\nidentified in the amended complaint, the allegations are not strong enough to clear that higher threshold. As explained above,\nthe allegations indicate that the defendants had critical information about the market forces undercutting demand throughout the\nclass period, and that on one occasion, they actually knew about that information. The allegations do not, however, support the\nstrong inference that the defendants were actually aware of the information allegedly available to them on all relevant occasions.\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Filedto08/26/25\n Thomson Reuters. No claim original U.S. Page 9 of 10\n Government Works.Document 83-2 8\n\fHawkins v. Danaher Corporation, Slip Copy (2025)\n2025 WL 2216149\n\nThe forward-looking statements made in April 2022 are a different story. Those are not protected by the actual knowledge prong\nof the safe harbor because the shareholders have alleged specific facts to support a strong inference of actual knowledge: Blair\nknew about projections that would not go over well with investors, so he \u201cmade up\u201d new projections that \u201clooked better.\u201d ECF\nNo. 24 \u00b6 64; see In re Vivendi, S.A. Sec. Litig., 838 F.3d 223, 249 (2d Cir. 2016) (explaining how a similar internal communication\nsufficed to establish actual knowledge). Neither of the remaining safe harbor prongs insulate the April 2022 statements from\nliability. The revenue projections are obviously material because they would have been \u201cviewed by the reasonable investor as\nhaving significantly altered the \u2018total mix\u2019 of information made available.\u201d Halliburton Co., 573 U.S. at 278 (quoting Basic Inc.\nv. Levinson, 485 U.S. 224, 231\u201332 (1988)); see also TSC Indus. Inc., 426 U.S. at 449 (materiality usually depends on whether\nthere is a \u201csubstantial likelihood\u201d that a reasonable investor would consider the information \u201cimportant\u201d). The defendants do\nnot argue otherwise. The revenue projections were not accompanied by meaningful cautionary language. Cautionary language\ncannot be meaningful if it is misleading in light of historical facts. Harman, 791 F.3d at 102 (quoting Slayton, 604 F.3d at 770,\n779). Here, the shareholders have alleged that the projections were misleading because they ignored that demand for COVID-19-\nrelated equipment already tapered by the start of the class period in early 2022, and inventory stockpiling and funding pressures\nwere impacting order placement for non-COVID-19 products by no later than mid-2022. ECF No. 24 \u00b6\u00b6 57\u201359, 74\u201379. The\nApril 2022 projections are therefore not entitled to safe harbor protection. The shareholders have adequately pled that they were\nmisleading and made with the requisite scienter.\n\n\n B. The Shareholders\u2019 Second Count Survives Dismissal\nThe shareholders\u2019 second count asserts a claim under section 20(a) of the Securities Exchange Act of 1934 against defendants\nBlair and McGrew for control person liability. See 15 U.S.C. \u00a7 78t(a). To establish a prima facie case for control person liability\nunder section 20(a) of the act, a plaintiff must show (1) \u201ca primary violation by the controlled person,\u201d and (2) \u201ccontrol of the\nprimary violator by the targeted defendant.\u201d Harman, 791 F.3d at 111 (quoting SEC v. First Jersey Sec., Inc., 101 F.3d 1450,\n1472 (2d Cir. 1996)). The defendants\u2019 only basis for dismissing this count is that the shareholders failed to plead a primary\nviolation of the securities laws. As discussed, the shareholders have adequately pled that several of the defendants\u2019 statements\nviolated section 10(b). To the extent that claim goes forward, the shareholders\u2019 section 20(a) claim may proceed as well.\n\n\nIV. Conclusion\nFor these reasons, the defendants\u2019 motion to dismiss, ECF No. 28, is granted in part and denied in part. The defendants\u2019 motion\nto take judicial notice, ECF No. 29, is granted.\n\n\nAll Citations\n\nSlip Copy, 2025 WL 2216149\n\nEnd of Document \u00a9 2025 Thomson Reuters. No claim to original U.S. Government Works.\n\n\n\n\n Case 2:22-cv-01436-BHL\n \u00a9 2025 Thomson Reuters. No Filed 08/26/25\n claim to original U.S.Page 10 of 10\n Government Works.Document 83-2 9\n\f","ocr_status":1,"date_upload":"2026-06-24T06:27:07.563852-07:00","document_number":"83","attachment_number":2,"pacer_doc_id":"20305857692","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":2,"description":"Ex B - Hawkins v Danaher Corporation","acms_document_guid":""}],"date_created":"2025-08-26T10:21:39.175035-07:00","date_modified":"2026-05-11T22:24:48.677489-07:00","date_filed":"2025-08-26","time_filed":"11:46:42","entry_number":83,"recap_sequence_number":"2025-08-26.001","pacer_sequence_number":288,"description":"NOTICE by City Pension Fund for Firefighters and Police Officers in the City of Tampa Plaintiffs' Notice of Supplemental Authorities (Attachments: # 1 Ex. A - Indiana Public Retirement System v Rivian Automotive Inc., # 2 Ex B - Hawkins v Danaher Corporation)(Barz, James)","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/433224799/","id":433224799,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/447571069/","id":447571069,"tags":[],"absolute_url":"/docket/66582470/81/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2025-07-30T18:26:22.444102-07:00","date_modified":"2026-06-25T07:08:05.074756-07:00","sha1":"4f12d8ac6ce4ce43adca4eeba24432afdb7b4c95","page_count":27,"file_size":145457,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.81.0.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.81.0.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" UNITED STATES DISTRICT COURT\n FOR THE EASTERN DISTRICT OF WISCONSIN\n\n\n\nOAKLAND COUNTY VOLUNTARY Case No. 2:22-cv-01436-BHL\nEMPLOYEES BENEFICIARY\n (Consolidated with Civil No. 2:23-cv-\nASSOCIATION, et al.,\n 00081-BHL)\n Plaintiffs,\n\n v. CLASS ACTION\n\nGENERAC HOLDINGS INC., AARON\nJAGDFELD, and YORK A. RAGEN,\n\n Defendants.\n\n\n\n REPLY BRIEF IN FURTHER SUPPORT OF DEFENDANTS\u2019\n MOTION TO DISMISS THE AMENDED CONSOLIDATED COMPLAINT FOR\n VIOLATIONS OF THE FEDERAL SECURITIES LAWS\n\n\n\n\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 1 of 27 Document 81\n\f TABLE OF CONTENTS\n\n Page(s)\n\n\nI. PRELIMINARY STATEMENT ....................................................................................... 1\n\nII. ARGUMENT ....................................................................................................................... 2\n\n A. The SAC Fails To State A Claim As To The HSB Statements ........................... 2\n\n 1. The SAC Fails To Plead Falsity As To The HSB Statements ...................... 2\n\n 2. The SAC Fails To Plead Scienter As To The HSB Statements .................... 6\n\n 3. The SAC Fails To Plead Loss Causation As To The HSB Statements ...... 10\n\n B. The SAC Fails To State A Claim As To The SnapRS And Dealer\n Concentration Statements .................................................................................... 11\n\n 1. The SAC Fails To Plead That The Statements Were Material ................... 11\n\n 2. The SAC Fails To Plead That The SnapRS Statements Were False\n Or Misleading ............................................................................................. 15\n\n 3. The SAC Fails To Plead That The Dealer Concentration Statements\n Were False Or Misleading .......................................................................... 17\n\n 4. The SAC Fails To Plead Scienter As To The SnapRS And Dealer\n Concentration Statements ........................................................................... 19\n\n 5. The SAC Fails To Plead Loss Causation As To The SnapRS And\n Dealer Concentration Statements ................................................................ 20\n\n C. The Section 20(a) Claim Should Also Be Dismissed .......................................... 20\n\nIII. CONCLUSION ................................................................................................................. 20\n\n\n\n\n i\n\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 2 of 27 Document 81\n\f TABLE OF AUTHORITIES\n\nCases Page(s)\n\nAltayyar v. Etsy, Inc.,\n 242 F. Supp. 3d 161 (E.D.N.Y. 2017) .....................................................................................12\n\nArora v. HDFC Bank Ltd.,\n 671 F. Supp. 3d 305 (E.D.N.Y. 2023) ...............................................................................13, 14\n\nAzar v. Grubhub, Inc.,\n 2021 WL 4077327 (N.D. Ill. Sept. 7, 2021) ..............................................................................8\n\nBaxter Int\u2019l Inc. Sec. Litig.,\n 2021 WL 100457 (N.D. Ill. Jan. 12, 2021) ................................................................................9\n\nBeaver Cnty. Emps\u2019. Ret. Fund v. Tile Shop Holdings, Inc.\n 94 F. Supp. 3d 1035 (D. Minn. 2015) ......................................................................................18\n\nBell Atl. Corp. v. Twombly,\n 550 U.S. 544 (2007) .................................................................................................................11\n\nBerson v. Applied Signal Tech., Inc.\n 527 F.3d 982 (9th Cir. 2008) ...............................................................................................9, 18\n\nBoeing Co. Aircraft Sec. Litig.,\n 2022 WL 3595058 (N.D. Ill. Aug. 23, 2022) ..........................................................................10\n\nCarpenters Pen. Tr. Fund for N. Cal. v. Allstate Corp.,\n 2018 WL 1071442 (N.D. Ill. Feb. 27, 2018) .............................................................................6\n\nChandler v. Ulta Beauty, Inc.,\n 2022 WL 952441 (N.D. Ill. Mar. 30, 2022).............................................................................14\n\nChew v. Moneygram Int\u2019l, Inc.,\n 2024 WL 4346522 (N.D. Ill. Sept. 30, 2024) ............................................................................5\n\nChow v. Archer-Daniels-Midland Co.,\n 2025 WL 790854 (N.D. Ill. Mar. 12, 2025)...............................................................................7\n\nCity of Lakeland Emps. Pen. Plan v. Baxter Int\u2019l Inc.,\n 2012 WL 607578 (N.D. Ill. Jan. 23, 2012) ................................................................................8\n\nCity of Miami Fire Fighters\u2019 & Police Officers\u2019 Ret. Tr. v. CVS Health Corp.,\n 46 F.4th 22 (1st Cir. 2022) .......................................................................................................17\n\nConstr. Indus. and Laborers Joint Pension Trust v. Carbonite, Inc .\n 22 F.4th 1 (1st Cir. 2021) .........................................................................................................13\n\n\n\n ii\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 3 of 27 Document 81\n\fCornielsen v. Infinium Cap. Mgmt., LLC,\n 916 F.3d 589 (7th Cir. 2019) .....................................................................................................7\n\nDesai v. Gen. Growth Props., Inc.,\n 654 F. Supp. 2d 836 (N.D. Ill. 2009) .........................................................................................9\n\nE. Ohman J:or Fonder AB v. NVIDIA Corp.,\n 81 F.4th 918 (9th Cir. 2023) ..............................................................................................13, 14\n\nEaton Corp. Sec. Litig.,\n 318 F. Supp. 3d 659 (S.D.N.Y. 2018), aff\u2019d sub nom. S.C. Ret. Sys. Grp. Tr. v.\n Eaton Corp. PLC, 791 F. App\u2019x 230 (2d Cir. 2019) .........................................................13, 14\n\nECA, Local 134 IBEW Joint Pension Trust of Chi. v. JP Morgan Chase Co.,\n 553 F.3d 187 (2d Cir. 2009).....................................................................................................12\n\nEnzymotec Sec. Litig.,\n 2015 WL 8784065 (D.N.J. Dec. 15, 2015) ................................................................................8\n\nEstee Lauder Co., Inc. Sec. Litig.,\n 2025 WL 965686 (S.D.N.Y. 2025) ............................................................................................6\n\nFacebook, Inc. Secs. Litig.,\n 87 F.4th 934 (9th Cir. 2023) ....................................................................................................17\n\nFryman v. Atlas Fin. Holdings, Inc.,\n 462 F. Supp. 3d 888 (N.D. Ill. 2020) .....................................................................................8, 9\n\nFugman v. Aprogenex, Inc.,\n 961 F. Supp. 1190 (N.D. Ill. 1997) ......................................................................................8, 19\n\nGrupo Televisa Sec. Litig.,\n 368 F. Supp. 3d 711 (S.D.N.Y. 2019)........................................................................................6\n\nHarley-Davidson, Inc. Sec. Litig.,\n 660 F. Supp. 2d 969 (E.D. Wis. 2009).......................................................................................7\n\nHedick v. Kraft Heinz Co.,\n 2021 WL 3566602 (N.D. Ill. 2021) .........................................................................................14\n\nHutchison v. Deutsche Bank Sec. Inc.,\n 647 F.3d 479 (2d Cir. 2011)...............................................................................................11, 14\n\nLindelow v. Hill,\n 2001 WL 830956 (N.D. Ill. July 20, 2001)................................................................................9\n\nLitwin v. Blackstone Grp.,\n 634 F.3d 706 (2d Cir. 2011)...............................................................................................11, 12\n\n\n\n iii\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 4 of 27 Document 81\n\fMakor Issues & Rts., Ltd. v. Tellabs,\n 437 F.3d 588 (7th Cir. 2006) .................................................................................................4, 8\n\nMcDonald v. Compellent Techs., Inc.,\n 2011 WL 13228408 (D. Minn. Aug. 3, 2011) ...................................................................18, 19\n\nMenora Mivtachim Ins. Ltd. v. Int\u2019l Flavors & Fragrances Inc.,\n 2021 WL 1199035 (S.D.N.Y. Mar. 30, 2021) .........................................................................11\n\nPierrelouis v. Gogo, Inc.,\n 2021 WL 1608342 (N.D. Ill. Apr. 26, 2021) .......................................................1, 2, 15, 16, 17\n\nPierrelouis v. Gogo, Inc.,\n 414 F. Supp. 3d 1164 (N.D. Ill. 2019) ...........................................................................1, 15, 17\n\nPlumbers, Pipefitters & MES Local Union No. 392 Pension Fund v. Fairfax Fin.\n Holdings Ltd.,\n 886 F. Supp. 2d 328 (S.D.N.Y. 2012)..........................................................................10, 11, 20\n\nRoss v. Career Educ. Corp.,\n 2012 WL 5363431 (N.D. Ill. Oct. 30, 2012)........................................................................8, 13\n\nSchleicher v. Wendt,\n 529 F. Supp. 2d 959 (S.D. Ind. 2007) ........................................................................................8\n\nScholastic Corp. Sec. Litig.,\n 252 F.3d 63 (2d Cir. 2001)...................................................................................................8, 14\n\nSEC v. Ustian,\n 229 F. Supp. 3d 739 (N.D. Ill. 2017) ...............................................................................5, 9, 14\n\nTongue v. Sanofi,\n 816 F.3d 199 (2d Cir. 2019).......................................................................................................5\n\nUlta Salon, Cosmetics & Fragrance, Inc. Sec. Litig.,\n 604 F. Supp. 2d 1188 (N.D. Ill. 2009) .................................................................................9, 13\n\nUnited States v. Mirama Enters., Inc.,\n 185 F. Supp. 2d 1148 (S.D. Cal. 2002), aff\u2019d, 387 F.3d 983 (9th Cir. 2004) ..........................15\n\nVan Noppen v. InnerWorkings, Inc.,\n 136 F. Supp. 3d 922 (N.D. Ill. 2015) .......................................................................................14\n\nWashtenaw Cnty. Emps\u2019. Ret. Sys. v. Walgreen Co.,\n 2019 WL 4597518 (N.D. Ill. Sept. 23, 2019) ..........................................................................10\n\nIn re XP Inc. Sec. Litig.,\n 524 F. Supp. 3d 23 (E.D.N.Y. 2021) .......................................................................................12\n\n\n\n iv\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 5 of 27 Document 81\n\fStatutes\n\n15 U.S.C. \u00a7 2064(b) .......................................................................................................................15\n\n\n\n\n v\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 6 of 27 Document 81\n\fI. PRELIMINARY STATEMENT\n\n The SAC fails to cure the deficiencies in the FAC that the Court identified. It thus appears\n\nthat Plaintiffs\u2019 primary strategy in their Opposition (ECF No. 80) (the \u201cOpposition\u201d or \u201cOpp.\u201d) to\n\nDefendants\u2019 Motion to Dismiss (ECF No. 74) (the \u201cMotion\u201d or \u201cMot.\u201d) is to declare that the Court\u2019s\n\nFAC Order got it all wrong.1 In reality, the FAC Order faithfully applied the governing law, the SAC\n\nmakes very few new factual allegations and none that cure the FAC\u2019s deficiencies, and the\n\nOpposition does little more than recycle arguments the Court previously rejected in its FAC Order.\n\n Perhaps most telling of the SAC\u2019s shortcomings is the Opposition\u2019s heavy-but-misplaced\n\nreliance on Pierrelouis v. Gogo, Inc. (\u201cGogo II\u201d), 2021 WL 1608342 (N.D. Ill. Apr. 26, 2021) to\n\ndefend the SAC\u2019s amended allegations concerning the SnapRS Statements.2 The Opposition argues\n\nthat the SAC\u2019s amendments are \u201csimilar\u201d to those in the Gogo II amended complaint, but that is far\n\nfrom the case. In Gogo II, the amended complaint added an array of new concrete factual allegations,\n\nwhich resolved the court\u2019s previous pleading concerns by describing with well-pleaded facts the\n\nwhat and when of the alleged product defect. The amended facts established the problem\u2019s\n\nwidespread scope, that it \u201chad begun to manifest itself prior to the beginning of the class period,\u201d\n\nand that the individual defendants had actual knowledge of the problem and its scope at the time of\n\ntheir misstatements. Id. at *2, *6. Contrasting the Gogo II amended complaint with the SAC here\n\nonly highlights the SAC\u2019s shortcomings. None of the SAC\u2019s very few amended allegations say\n\nanything about the scope of the SnapRS issue prior to or at the time of the alleged misstatements,\n\nestablish when the issue became so widespread as to require disclosure, or describe particularized\n\n\n1\n Unless otherwise noted, this memorandum uses the same defined terms as the Motion. Paragraph\ncitations are to the SAC by paragraph number.\n2\n Gogo II is an opinion on a motion to dismiss an amended complaint that was filed after the initial\ncomplaint was dismissed in Pierrelouis v. Gogo, Inc. (\u201cGogo I\u201d), 414 F. Supp. 3d 1164 (N.D. Ill.\n2019). Defendants previously used \u201cPierrelouis\u201d as the shortform for Gogo I. To avoid confusion,\nthis memorandum adopts Plaintiffs\u2019 naming convention.\n\n 1\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 7 of 27 Document 81\n\ffacts to show that either Mr. Jagdfeld or Mr. Ragen knew of a widespread problem at the time of his\n\nstatements. Thus, unlike in Gogo II, Plaintiffs here have not given the Court any reason to change\n\nits previous conclusions.\n\n Further, as to all three of the SAC\u2019s liability theories, the SAC again fails to plead: facts\n\ndemonstrating the reason(s) any statement was misleading or that contradictory facts were known to\n\nthe speaker at the time such statements were made (see FAC Order at 21, 26-27, 29-30); anything\n\nmore than generalized allegations insufficient to plead scienter (see id. at 24, 28, 30); a nexus\n\nbetween the alleged misstatements and alleged corrective disclosures (see ECF No. 48 at 43-45); or,\n\nas to the SnapRS and Dealer Concentration Statements, that the alleged omissions were material\n\n(see id. at 28, 30). For these reasons, the reasons explained in the Motion, and the reasons described\n\nmore completely herein, the Court should dismiss the SAC in its entirety, this time with prejudice.\n\nII. ARGUMENT\n\n A. The SAC Fails To State A Claim As To The HSB Statements.\n\n 1. The SAC Fails To Plead Falsity As To The HSB Statements.\n\n It is undisputed that the Court must decide at this stage whether the SAC alleges \u201cwith\n\nparticularity the facts\u2014known to the speaker at the time\u2014that render the statement false or\n\nmisleading.\u201d See Mot. at 10 (quoting Constr. Workers Pension Fund-Lake Cnty. and Vicinity v.\n\nNavistar Int\u2019l, 114 F. Supp. 3d 633, 651 (N.D. Ill. 2015)). The Opposition argues that the HSB\n\nStatements were misleading because\u2014although Defendants accurately described a variety of metrics\n\nconcerning HSB sales and demand\u2014Defendants did not always disclose a single metric: close rates.3\n\nOpp. at 22. As before, Plaintiffs fail to satisfy their \u201cheavy burden\u201d to plead falsity because the SAC\n\ndoes not adequately allege how fluctuating close rates rendered the HSB Statements misleading. See\n\n\n\n3\n The Opposition concedes that Defendants did not have an affirmative duty to disclose close rates.\n\n 2\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 8 of 27 Document 81\n\fFAC Order at 21.\n\n The most apparent illustration of the SAC\u2019s failure to allege how the HSB Statements are\n\nmisleading is that Plaintiffs cannot even decide what it is that Defendants supposedly misled\n\ninvestors about. In several instances, the SAC baldly asserts that investors were misled without\n\nexplaining how; in others, the SAC only generically alleges that the HSB Statements were\n\nmisleading about Generac\u2019s \u201cbusiness\u201d or \u201crisks.\u201d Compare \u00b6 7 with \u00b6\u00b6 4, 44. Even though the\n\nMotion quoted language that the SAC repeats at least five times (\u00b6\u00b6 62, 64, 66, 68, 69) to address\n\nPlaintiffs\u2019 challenge to statements about \u201cgenerator sales,\u201d the Opposition now claims that the\n\nMotion \u201cmisconstrue[s]\u201d the SAC, and Plaintiffs invent a new, third theory in the Opposition: the\n\nHSB Statements allegedly misled investors about \u201ccorrelating end-customer contracts.\u201d See Opp. at\n\n23. This new theory has numerous problems.\n\n First, the term \u201ccorrelating end-customer contracts\u201d does not appear anywhere in the SAC.\n\nThe ever-shifting nature of Plaintiffs\u2019 theory and their inability to articulate how the HSB Statements\n\nwere allegedly misleading are hallmarks of an after-the-fact theory in search of a fraud. See FAC\n\nOrder at 3 (noting plaintiff temptations of hindsight and second-guessing).\n\n Second, as with the SAC, the Opposition assiduously attempts to avoid suggesting that\n\nDefendants misled investors about HSB demand, as Plaintiffs recognize that the FAC Order\n\nforecloses such an argument. See FAC Order at 17-19; Mot. at 8-9. Plaintiffs cannot avoid their\n\npleading problems so easily. The HSB Statements, both read literally and in their proper context, are\n\nexplicitly about HSB demand and say nothing about \u201cend-customer contracts.\u201d See, e.g, \u00b6 61(b)\n\n(\u201c[T]hese key demand metrics for home standby have continued to trend higher . . . including home\n\nconsultations increasing at a strong double-digit rate.\u201d); \u00b6 63 (\u201c[D]emand has been continuing just\n\nto be off the charts.\u201d). In other words, Plaintiffs\u2019 new theory is that the HSB Statements\u2014accurate\n\n\n\n\n 3\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 9 of 27 Document 81\n\fstatements regarding demand and certain related metrics\u2014were allegedly misleading about another\n\nmetric (close rates) that the HSB Statements plainly did not address. Because Plaintiffs do not\n\ncontend that those metrics Defendants disclosed were false, they instead again criticize that the HSB\n\nStatements did not always discuss close rates.4 The Court, however, previously rejected this same\n\ncritique. See FAC Order at 19-21. The SAC cannot shift Plaintiffs\u2019 falsity theory by ignoring what\n\nDefendants actually said to avoid the FAC Order\u2019s holdings that (1) general statements observing\n\ndemand are not actionable under Makor Issues & Rights, Ltd. v. Tellabs, 437 F.3d 588, 597 (7th Cir.\n\n2006), and (2) by describing the metrics on which they relied for their opinions about HSB demand,\n\nDefendants established that they had a reasonable basis for their beliefs. See FAC Order at 16-19;\n\nMot. at 8-9.\n\n Third, the SAC does not plead any facts to support the new, bald assertion that Defendants\n\nmisled investors to believe that just because IHCs and dealer orders were increasing, close rates\n\nmust also be increasing. See, e.g., Opp. at 1 (\u201cDefendants continued to tout increased consultations\n\nand dealer orders, but concealed the decline in close rates, which misled the market into believing . . .\n\nthat close rates had also increased.\u201d). As the Motion explained, IHCs and dealer orders could\n\nincrease, while close rates increased or decreased (and, in fact, close rates sometimes went up and\n\nsometimes went down during the Class Period, highlighting that there is no correlation between\n\nIHCs, dealer orders, and close rates that Defendants or investors could assume). Mot. at 11-12. The\n\nOpposition has no response. More critically, the SAC does not allege that Defendants ever claimed\n\n\n\n\n4\n While Plaintiffs argue that certain statements referencing \u201ckey demand metrics\u201d were false (see\nOpp. at 7), Plaintiffs fail to provide the Court with critical context. Specifically, in one instance,\nMr. Jagdfeld identified in sentences just preceding the \u201ckey demand metrics\u201d phrase the specific\nmetrics to which he was referring. See \u00b6\u00b6 61(a), (b) (disclosing numbers for IHCs, activations, and\nresidential dealers, and then referring to \u201cthese key demand metrics\u201d). In the other instance Plaintiffs\ncite, after referring generally to \u201ceverything,\u201d Mr. Jagdfeld went on to describe the exact metrics he\nhad taken into account; critically, close rates were not one of them. See \u00b6 63.\n\n 4\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 10 of 27 Document 81\n\fto investors that there is any such correlation. To the contrary, the SAC actually admits that\n\nDefendants told investors they should not consider IHCs as matching 1:1 to sales. See \u00b6 67(e)\n\n(quoting Ex. 15 at 22). For example, when asked in May 2022 if IHCs at three times above 2020\n\nlevels meant HSB revenue was likely to be up 3x, Mr. Jagdfeld explained that assessing HSB growth\n\nrequires the consideration of many factors; he then mentioned some of the relevant variables and\n\nconcluded that he could not say that the HSB growth rate was three times 2020 levels. Ex. 15 at 22-\n\n23. In other words, Defendants warned investors not to correlate metrics (like IHCs and end-\n\ncustomer contracts) and not to look at a single metric (like close rates) in isolation. These warnings\n\ndirectly contradict Plaintiffs\u2019 absurd and made-up theory that Defendants were intentionally trying\n\nto trick investors into believing that increasing IHCs and dealer orders necessarily meant that close\n\nrates were correlated and also increasing.5\n\n Fourth, Plaintiffs\u2019 fixation on statements mentioning close rates years before the start of the\n\nClass Period is a red herring. See Opp. at 5-6. According to the SAC, Defendants sporadically\u2014but\n\nnot always\u2014referenced close rates prior to the Class Period. Those occasional references did not\n\ncreate an affirmative duty to disclose close rates for all eternity and every time Generac discussed\n\nHSB demand, nor do those earlier references to close rates make misleading the HSB Statements,\n\nsome of which were made as many as eight years later. See Chew v. Moneygram Int\u2019l, Inc., 2024\n\nWL 4346522, at *8 (N.D. Ill. Sept. 30, 2024) (\u201cA corporation and its officers are entitled to make\n\ntruthful reports of specific . . . performance metrics without incurring an obligation to air every ounce\n\nof the corporation\u2019s dirty laundry.\u201d); cf. Tongue v. Sanofi, 816 F.3d 199, 210 (2d Cir. 2019)\n\n(\u201c[R]easonable investors understand that opinions sometimes rest on a weighing of competing\n\n\n\n5\n The Opposition does not address Defendants\u2019 channel stuffing argument (Mot. at 12 n.9). Plaintiffs\nhave thus waived the argument that the related allegations (\u00b6\u00b6 57-59) support falsity. See SEC v.\nUstian, 229 F. Supp. 3d 739, 771 (N.D. Ill. 2017).\n\n 5\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 11 of 27 Document 81\n\ffacts.\u201d).6\n\n Finally, the Opposition\u2019s debate about whether the Individual Defendants knew about close\n\nrates at the time they made the HSB Statements is another diversion tactic. See Opp. at 5-7. The\n\nSAC does not, in fact, make a single allegation that either Mr. Jagdfeld or Mr. Ragen had information\n\nregarding declining close rates during the Class Period.7 Regardless, the crux of the Motion is that\n\neven if the SAC had alleged such knowledge (it does not), Plaintiffs do not adequately allege that\n\nany HSB Statement was misleading\u2014to the contrary, each was true and accurate. See Mot. at 10-\n\n11. Additionally, Plaintiffs fail to allege (or address the Motion\u2019s point) that, even assuming\n\nDefendants knew close rates at the time, they had not already factored that into the HSB Statements\n\nand used their experience and judgment to discuss the metrics they believed were important at that\n\ntime, including in the context of disclosed risk factors like seasonality and the new COVID business\n\nenvironment. See id. at 11-12; FAC Order at 19-20.\n\n 2. The SAC Fails To Plead Scienter As To The HSB Statements.\n\n The Opposition hopes to sidestep the PSLRA-mandated scienter inquiry by arguing that\n\n\u201cdirect evidence\u201d of scienter is not required and that, instead, \u201ccircumstantial allegations\u201d considered\n\nin totality are sufficient. Opp. at 28. But the inquiry does not turn on the type of allegations and\n\ninstead on whether the SAC alleges particularized facts that support a strong inference that each\n\ndefendant knew or recklessly disregarded that any HSB Statement was false or misleading. See\n\n\n6\n The cases on which the Opposition relies (at 22-24) are readily distinguishable. In each, the alleged\nmisstatements touting the company\u2019s or product\u2019s success omitted that the reason for the claimed\nsuccess was that the company was engaged in illegal, improper, or undisclosed conduct. See, e.g.,\nIn re Estee Lauder Co., Inc. Sec. Litig., 2025 WL 965686, at *3 (S.D.N.Y. 2025); In re Grupo\nTelevisa Sec. Litig., 368 F. Supp. 3d 711, 721 (S.D.N.Y. 2019); Carpenters Pen. Tr. Fund for N.\nCal. v. Allstate Corp., 2018 WL 1071442, at *3, *6 (N.D. Ill. Feb. 27, 2018). There is no such\nallegation here\u2014only that Defendants were making accurate statements about IHCs and orders.\n7\n The SAC alleges Defendants (usually as an undifferentiated group) monitored and discussed close\nrates at various points before the Class Period. \u00b6\u00b6 50-52. The SAC then skips over the Class Period\nand cites only Mr. Jagdfeld\u2019s \u201cisolated statements\u201d post-Class Period (see FAC Order at 20). \u00b6\u00b6 54-\n55, 59.\n\n 6\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 12 of 27 Document 81\n\fCornielsen v. Infinium Cap. Mgmt., LLC, 916 F.3d 589, 601-02 (7th Cir. 2019).8 The SAC makes\n\nno such particularized allegations for either Mr. Ragen or Mr. Jagdfeld and should be dismissed.\n\n As a preliminary matter, the Opposition does not explain how the SAC\u2019s group-pleading\n\nallegations (\u00b6\u00b6 190-96, 198, 200-07, 209-15, 219) are sufficient. The Court should therefore\n\ndisregard them. See Cornielsen, 916 F.3d at 601-02.\n\n As to Mr. Ragen, the Opposition does not even try to dispute that the SAC alleges no\n\nparticularized facts whatsoever that Mr. Ragen had actual knowledge that his single HSB Statement\n\n(\u00b6 67(d)) was false or misleading, or that he made it with reckless disregard for its falsity. See Opp. at\n\n28-29; Mot. at 13-14. Indeed, the only scienter allegations the SAC can even muster against\n\nMr. Ragen are that he sold Generac stock (\u00b6 218) and was paid for his work at Generac (\u00b6 220).\n\nStock sales are meaningless without allegations establishing that they were made at suspicious times\n\nor in suspicious amounts, and the SAC makes no such allegations. See Mot. at 16-17. Moreover,\n\neven Plaintiffs\u2019 own authority confirms that the \u201cgeneric\u201d practice of tying an executive\u2019s\n\ncompensation to company performance is not enough alone to raise a strong inference of scienter.\n\nSee Chow v. Archer-Daniels-Midland Co., 2025 WL 790854, at *5 (N.D. Ill. Mar. 12, 2025) (finding\n\nscienter allegations sufficient because defendants\u2019 compensation was linked to a specific segment of\n\nthe company, rather than a \u201cgeneric\u201d corporate incentive like company\u2019s profits as a whole).\n\n With respect to Mr. Jagdfeld, the SAC\u2019s pleading failure lies in its inability to make factual\n\nallegations showing he had specific, contradictory information that put or should have put him on\n\nnotice, at the time of his HSB Statements, that those statements were false or misleading. In re\n\nHarley-Davidson, Inc. Sec. Litig., 660 F. Supp. 2d 969, 1000 (E.D. Wis. 2009) (\u201cLacking from the\n\nComplaint are fact-based connections between a speaker, a statement, and specific, contradictory\n\n\n8\n Contrary to Plaintiffs\u2019 argument (Opp. at 28), this is exactly the standard that the Court articulated\nand applied to dismiss the FAC. See FAC Order at 23-24.\n\n 7\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 13 of 27 Document 81\n\finformation presumably known to that speaker at the time the statement was made.\u201d (emphasis\n\nadded)).9 First, the Opposition (at 35) points to Mr. Jagdfeld\u2019s November 2022 and May 2023 post-\n\nClass Period statements purportedly showing his knowledge of declining close rates, but the Court\n\npreviously considered and rejected the same allegations. See FAC Order at 23-24. In addition,\n\nMr. Jagdfeld\u2019s post-Class Period statements do not show that he was aware of or disregarded a\n\nsubstantial risk that, by not discussing close rates, his accurate statements about other matters were\n\nmisleading.10 Second, the allegation that Mr. Jagdfeld purportedly monitored close rates fails for the\n\nsame reason\u2014neither the SAC nor the Opposition explains how monitoring close rates was\n\nsupposed to alert Mr. Jagdfeld that his accurate statements were false or misleading. See Fryman v.\n\nAtlas Fin. Holdings, Inc., 462 F. Supp. 3d 888, 902 (N.D. Ill. 2020) (close monitoring allegations\n\ninsufficient because they \u201c[did] not state with particularity the information to which Defendants had\n\naccess\u201d that undermined the veracity of their statements). Finally, the allegations about\n\nMr. Jagdfeld\u2019s stock sales and compensation do not plead scienter for the same reasons that those\n\n\n\n9\n To the extent the Opposition contends that no such allegations are required (at 28-29), it is wrong.\nIn fact, Plaintiffs\u2019 own authorities confirm that more concrete allegations are required. See, e.g.,\nTellabs, 437 F.3d at 603 (\u201cOne of the classic fact patterns giving rise to a strong inference of scienter\nis that defendants published statements when they knew facts or had access to information\nsuggesting that their public statements were materially inaccurate.\u201d), vacated on other grounds, 551\nU.S. 308 (2007); Schleicher v. Wendt, 529 F. Supp. 2d 959, 972 (S.D. Ind. 2007) (scienter supported\n\u201cwhere the defendants either knew or had access to information showing that their public statements\nwere not accurate\u201d); Ross v. Career Educ. Corp., 2012 WL 5363431, at *9 (N.D. Ill. Oct. 30, 2012)\n(confidential witness alleged that defendants were informed directly of issue contrary to statements\nmade); City of Lakeland Emps. Pen. Plan v. Baxter Int\u2019l Inc., 2012 WL 607578, at *5 (N.D. Ill. Jan.\n23, 2012) (confidential witness set forth with specificity \u201chow informed the individual defendants\nwere about the operations and financial state of the company\u201d).\n10\n The Opposition\u2019s recycled Allstate is inapposite. Unlike there, Mr. Jagdfeld\u2019s purported\nadmissions do not suggest that he knew his HSB Statements \u201cwere incorrect when made.\u201d 2018 WL\n1071442, at *6; see also Azar v. Grubhub, Inc., 2021 WL 4077327, at *5 (N.D. Ill. Sept. 7, 2021)\n(defendant\u2019s later admission that it was \u201clogical\u201d that new diners would be \u201cless valuable\u201d given\nGrubhub\u2019s lack of restaurant density indicated knowledge the statements were false when made).\nThe rest of the cases the Opposition cites in support did not even consider any purported admissions.\nSee In re Scholastic Corp. Sec. Litig., 252 F.3d 63, 74-78 (2d Cir. 2001); In re: Enzymotec Sec.\nLitig., 2015 WL 8784065, at *17-19 (D.N.J. Dec. 15, 2015); Fugman v. Aprogenex, Inc., 961 F.\nSupp. 1190, 1195-96 (N.D. Ill. 1997).\n\n 8\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 14 of 27 Document 81\n\fconcerning Mr. Ragen do not. See supra at 7; Mot. at 16-17.11\n\n The remaining generic allegations\u2014that the Individual Defendants held leadership positions,\n\nHSB is Generac\u2019s core business, and the problem was purportedly \u201csignificant\u201d\u2014do not make up\n\nfor the SAC\u2019s lack of specificity, even considered in totality.12 See Mot. at 14-16; Guidant, 536 F.\n\nSupp. 2d at 932 (defendants\u2019 positions insufficient to infer scienter because allegations did not show\n\n\u201cwith any particularity that any Individual Defendant had knowledge of the product defects\u201d);\n\nFryman, 462 F. Supp. 3d at 902 (core operations allegations insufficient without allegations of any\n\ninternal information that contradicted the misstatements); In re Baxter Int\u2019l Inc. Sec. Litig., 2021 WL\n\n100457, at *18 (N.D. Ill. Jan. 12, 2021) (magnitude allegations insufficient absent facts suggesting\n\nthat the magnitude was evident to defendants at the time).13\n\n Finally, following a theme repeated throughout the Opposition, Plaintiffs muddy the waters\n\nby lumping together all of their scienter allegations across more than ten consecutive pages (at 27-\n\n37), without clearly differentiating among each of their three separate liability theories. This bid to\n\nsuggest a \u201ctotality\u201d of circumstances by conflating unrelated liability theories is not supported by\n\n\n\n11\n Because the Opposition does not attempt to defend the SAC\u2019s only two new scienter allegations\u2014\nSOX certifications (\u00b6\u00b6 194-95) and that Messrs. Jagdfeld and Ragen did not buy Generac stock at\n\u201cartificially inflated prices in the open market\u201d (\u00b6\u00b6 217-18) (see Mot. at 17-18)\u2014Plaintiffs have\nwaived arguments that such allegations support scienter. See Ustian, 229 F. Supp. 3d at 771.\n12\n Contrary to Plaintiffs\u2019 suggestion (Opp. at 28), the Court did conduct a totality analysis. E.g., FAC\nOrder at 30.\n13\n Berson v. Applied Signal Tech., Inc. is distinguishable because allegedly concealed facts here did\nnot have a \u201cdevastating effect on the corporation\u2019s revenue.\u201d 527 F.3d 982, 987 (9th Cir. 2008);\naccord. Desai v. Gen. Growth Props., Inc., 654 F. Supp. 2d 836, 860 (N.D. Ill. 2009) (company\u2019s\nvery survival hinged on its ability to refinance $27 billion debt and it, thus, was inconceivable that\nthe defendants would be unaware of this problem); Lindelow v. Hill, 2001 WL 830956, at *8 (N.D.\nIll. July 20, 2001) (because the statements concerned the market launch of company\u2019s sole product,\ndefendant \u201ceither had the knowledge of the feasibility of launching [the product], or, if not, that his\nfailure to have such knowledge equated to reckless disregard\u201d); In re Ulta Salon, Cosmetics &\nFragrance, Inc. Sec. Litig., 604 F. Supp. 2d 1188, 1197 (N.D. Ill. 2009) (misstatements concerned\nthe major problems existing within the company). Unlike in Berson, Generac\u2019s net sales grew almost\n$1 billion between 2021 and 2022. Ex. 14 at 26. And as explained below, the SnapRS devices\namounted for a small fraction of the Company\u2019s sales in 2022. See infra at 11.\n\n 9\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 15 of 27 Document 81\n\fany authority the Opposition cites. The Court should reject Plaintiffs\u2019 ploy.\n\n 3. The SAC Fails To Plead Loss Causation As To The HSB Statements.\n\n The Motion explains that the SAC fails to plead loss causation. Mot. at 18-20. The\n\nOpposition\u2019s only response is to lump together all three liability theories and then argue (1) because\n\ncorrective disclosures need not \u201cmirror\u201d alleged misstatements, Plaintiffs have no burden to allege\n\na clear causal connection, and (2) dismissal on loss causation grounds is inappropriate. Opp. at 38-\n\n39. The Opposition is wrong on both counts.\n\n First, Plaintiffs\u2019 \u201cmirror image\u201d claim is beside the point. The SAC still must allege that the\n\ndisclosures \u201chave something to do with the circumstances that prior false statements concealed or\n\nmisrepresented.\u201d In re Boeing Co. Aircraft Sec. Litig., 2022 WL 3595058, at *29 (N.D. Ill. Aug. 23,\n\n2022). Advancing a partial disclosure theory does not relieve Plaintiffs of this burden.14 Despite\n\nPlaintiffs\u2019 assertion to the contrary, merely \u201clink[ing] price declines to the new Company-specific\n\ninformation\u201d (Opp. at 38) is not sufficient to plead loss causation. See Mot. at 18-19. Rather, the\n\nSAC must plead a disclosure, or series of disclosures, that \u201cpossess a sufficient nexus to a prior\n\nmisstatement such that it reveals at least part of the falsity of that misstatement.\u201d Plumbers,\n\nPipefitters & MES Local Union No. 392 Pension Fund v. Fairfax Fin. Holdings Ltd., 886 F. Supp.\n\n2d 328, 338 (S.D.N.Y. 2012); see also Boeing, 2022 WL 3595058, at *29.\n\n The SAC makes no attempt to meet this burden. The SAC only conclusively asserts that the\n\ndisclosures \u201crevealed\u201d the \u201cdeclining close rates.\u201d See, e.g., \u00b6\u00b6 138, 140. In reality, the nine\n\ncorrective disclosures on which the SAC relies do not actually reveal anything about close rates and\n\ninstead illustrate the minimal changes made between the FAC and SAC after the Court rejected\n\n\n14\n Plaintiffs\u2019 cited authorities do not hold otherwise. See, e.g., Washtenaw Cnty. Emps\u2019. Ret. Sys. v.\nWalgreen Co., 2019 WL 4597518, at *7 (N.D. Ill. Sept. 23, 2019) (\u201cAt the motion to dismiss stage,\n\u2018a plaintiff who has suffered an economic loss\u2019 must \u2018provide a defendant with some indication of\nthe loss and the causal connection that the plaintiff has in mind.\u2019\u201d (emphasis added)).\n\n 10\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 16 of 27 Document 81\n\fPlaintiffs\u2019 initial demand-focused theory. See \u00b6\u00b6 138, 141, 142, 144, 153, 162, 166, 168, 176;\n\nMot. at 18-20 (seven of nine disclosures silent as to close rates; remaining two merely announce\n\ndisappointing financial results).\n\n Second, Plaintiffs\u2019 attempt to rest on Rule 8\u2019s notice pleading requirements (Opp. at 37-38)\n\ndoes not relieve Plaintiffs of their burden to adequately plead loss causation. See Bell Atl. Corp. v.\n\nTwombly, 550 U.S. 544, 555 (2007). Rather, courts can, and do, dismiss Section 10(b) claims on\n\nloss causation grounds. E.g., Fairfax, 886 F. Supp. 2d at 338 (dismissing without leave to amend\n\nwhere loss causation allegations were \u201cfar too tenuous to support a claim\u201d).\n\n B. The SAC Fails To State A Claim As To The SnapRS And Dealer\n Concentration Statements.\n\n 1. The SAC Fails To Plead That The Statements Were Material.\n\n The Opposition confirms that the SAC does not, and cannot, plead materiality. The\n\nOpposition does not dispute that Generac\u2019s entire solar business\u2014of which SnapRS is only a\n\nsubset\u2014accounted for less than 4% of the Company\u2019s revenues in 2022 (see Mot. at 20-21). Instead,\n\nthe Opposition obfuscates the issue by comparing apples to oranges, to argue an irrelevant solar\n\nguidance number indicates solar exceeded a 5% threshold. See Opp. at 20-21. Specifically, the\n\nOpposition takes the admittedly-never-materialized August 2022 solar sales forecast and compares\n\nit to actual FY 2022 total revenues. See id. Yet, the Opposition provides no justification, let alone\n\nlegal authority, for suggesting these measures are properly comparable. See FAC Order at 28.15\n\n\n15\n Further, contrary to the Opposition\u2019s argument, financial impact of reduced solar guidance within\nthe clean energy segment does not show materiality. Opp. at 21. This is because the SAC does not\nallege (nor could it) that the clean energy business was of distinct interest to investors, or that clean\nenergy was Generac\u2019s flagship business segment. Hutchison v. Deutsche Bank Sec. Inc., 647 F.3d\n479, 488 (2d Cir. 2011) (declining to compare the value of the loans at issue to the value of\ncompany\u2019s one business segment); see also Menora Mivtachim Ins. Ltd. v. Int\u2019l Flavors &\nFragrances Inc., 2021 WL 1199035, at *21 n. 23 (S.D.N.Y. Mar. 30, 2021) (comparison of sales\nwithin a newly acquired subsidiary was inappropriate because plaintiffs never had an independent\ninvestment interest in the subsidiary beyond its ability to add to the parent\u2019s bottom line); cf. Litwin\n\n\n\n 11\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 17 of 27 Document 81\n\f To band-aid over this flaw, the Opposition (at 18-20) advances the same arguments\n\n(purported admissions, stock drop, and analyst reactions) that the Court already rejected. See FAC\n\nOrder at 28. Worse yet, Plaintiffs again lump together HSB and solar businesses\u2014even though the\n\nMotion does not seek dismissal on materiality grounds as to HSB\u2014in a clear attempt to hide their\n\ninability to plead materiality for the SnapRS and Dealer Concentration Statements. See Opp. at 19-\n\n20. Despite their efforts to muddle the materiality analysis, Plaintiffs\u2019 recycled arguments fail.\n\n First, Plaintiffs\u2019 support for claiming that Defendants \u201cadmitted that . . . the solar business,\n\nincluding the defects and customer concentration, were important business matters\u201d is unavailing\n\nand confused. See id. As to SnapRS, the Opposition cites statements regarding the \u201csafety and\n\nquality\u201d of solar products. Id. Regarding Dealer Concentration, the Opposition cites statements about\n\n\u201cdealer diversification,\u201d dealer base, and that Pink Energy was an \u201cimportant\u201d and \u201cmajor\u201d\n\ncustomer. Id. These citations miss the point. The statements do not demonstrate the importance of\n\nsolar to the business overall, let alone the importance of the topics referenced. See ECA, Local 134\n\nIBEW Joint Pension Trust of Chi. v. JP Morgan Chase Co., 553 F.3d 187, 206 (2d Cir. 2009) (\u201cWhile\n\na bank\u2019s reputation is undeniably important, that does not render a particular statement by a bank\n\nregarding its integrity per se material.\u201d (emphasis added)); In re XP Inc. Sec. Litig., 524 F. Supp. 3d\n\n23, 36 (E.D.N.Y. 2021) (finding no materiality because plaintiffs were \u201cconflat[ing] the importance\n\nof [a business issue] with the materiality of a statement regarding the [business issue]\u201d). In any event,\n\neven if solar was \u201cimportant,\u201d that characterization alone is not enough to plead materiality. See\n\nAltayyar v. Etsy, Inc., 242 F. Supp. 3d 161, 172 (E.D.N.Y. 2017) (that an investor might have\n\nconsidered the misrepresentation or omission important is not enough). Further, the possibility that\n\nsolar revenue might be important at some point in the future also does not plead materiality. See\n\n\nv. Blackstone Grp., 634 F.3d 706, 720 (2d Cir. 2011) (comparison within the segment was\nappropriate because the business component at issue was company\u2019s \u201cflagship segment\u201d).\n\n 12\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 18 of 27 Document 81\n\fDekalb Cnty. Emps\u2019 Ret. Sys. v. Controladora Cuela Compa\u00f1\u00eda de Aviaci\u00f3n, S.A.B. de C.V., 2016\n\nWL 3685089, at *4-5 (S.D.N.Y. July 6, 2016) (\u201c[M]ateriality is determined in light of the\n\ncircumstances existing at the time the alleged misstatement occurred, not based on what could occur\n\non some future date.\u201d).16\n\n Second, the alleged stock drops cannot support materiality, given the SAC\u2019s failure to allege\n\ncorrective disclosures that actually relate to any specific misstatement. See supra at 10-11; infra at\n\n20. Further, the Opposition lumps together disclosures related to both HSB and solar businesses (and\n\nsome solely related to HSB) to attribute the entire stock drop to only solar-related statements. See\n\nOpp. at 18 (citing \u00b6\u00b6 137-189). It defies logic to suggest such stock drops could support materiality\n\nas to the more narrow SnapRS and Dealer Concentration Statements. Case law confirms that even\n\nthe stock drops allegedly related to both HSB and solar do not support materiality\u2014stock drops\n\nrelated to the disclosure of multiple pieces of news cannot support materiality. In re Eaton Corp.\n\nSec. Litig., 318 F. Supp. 3d 659, 670 (S.D.N.Y. 2018) (stock drop did not support materiality where\n\nit occurred on a day when other negative news was revealed), aff\u2019d sub nom. S.C. Ret. Sys. Grp. Tr.\n\nv. Eaton Corp. PLC, 791 F. App\u2019x 230 (2d Cir. 2019); Dekalb, 2016 WL 3685089, at *5 (same).17\n\nThis is underscored by the SAC\u2019s acknowledgment that disclosures related to only the solar business\n\nresulted in stock drops of less than 3%. See \u00b6\u00b6 150-152 (1.1% stock drop), 164-165 (2.84% stock\n\ndrop). Such miniscule stock drops do not support materiality. See Eaton, 318 F. Supp. 3d at 670 (8%\n\n\n\n\n16\n The Opposition\u2019s cited authority (at 19) does not support Plaintiffs. In Construction Industry and\nLaborers Joint Pension Trust v. Carbonite, Inc., the court did not find materiality based on a\nproduct\u2019s potential future importance; rather the court considered such allegations only in its scienter\nanalysis. 22 F.4th 1, 9 (1st Cir. 2021). And, unlike the miniscule impact of the revenue derived from\none dealer in a subset of Generac\u2019s clean energy business, the defective product in Carbonite\nderailed that company\u2019s entire effort to expand into a new market. Id. at 4.\n17\n None of the Opposition\u2019s authorities (at 18) involved multiple negative disclosures on the alleged\ncorrective disclosure days. See Ulta Salon, 604 F. Supp. 2d at 1196, 1192; Ross, 2012 WL 5363431,\nat *5; E. Ohman J:or Fonder AB v. NVIDIA Corp., 81 F.4th 918, 936-37, 927 (9th Cir. 2023).\n\n 13\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 19 of 27 Document 81\n\fstock drop not material); Arora v. HDFC Bank Ltd., 671 F. Supp. 3d 305, 316 (E.D.N.Y. 2023)\n\n(2.83% stock drop not material). As the Court already recognized, the more plausible inference is\n\nthat the waning pandemic caused the stock\u2019s price decline. See FAC Order at 30-31.18\n\n Third, analyst reactions do not support materiality. The Opposition again lumps together\n\nanalyst discussions of both HSB and solar businesses to argue that the analyst reactions to reduced\n\nsolar guidance suggest materiality. See Opp. at 18-19. In fact, not a single analyst report Plaintiffs\n\nrely upon refers only to solar. See \u00b6\u00b6 57; 69, 141-142, 144-146, 158-160, 162, 166, 171-174, 184\n\n(alleging discussion of HSB in analyst reports); see also Ex. 16. The Opposition cites no authority\n\nto support the notion that such reactions to multiple news items can support materiality as to one of\n\nthem. In any event, market reaction to disclosures \u201cis by itself too blunt an instrument to be depended\n\non in considering whether a fact is material.\u201d Hutchison, 647 F.3d at 490.19\n\n In sum, the Court can and should again dismiss the SnapRS and Dealer Concentration\n\ntheories for failure to plead materiality\u2014as courts often do. See, e.g., Arora, 671 F. Supp. 3d at 318\n\n(dismissing misstatements on materiality grounds); Chandler v. Ulta Beauty, Inc., 2022 WL 952441,\n\nat *7-22 (N.D. Ill. Mar. 30, 2022) (dismissing complaint for failure to plead materiality); Van\n\nNoppen v. InnerWorkings, Inc., 136 F. Supp. 3d 922, 942 (N.D. Ill. 2015) (same).\n\n\n\n\n18\n Contrary to Plaintiffs\u2019 argument, the waning pandemic was not already \u201cbaked into the stock\nprice\u201d because \u201cno reasonable investor expected [it] to last forever.\u201d See Opp. at 18. As common\nsense and experience counsel, nobody was able to predict when the pandemic would end or what\nfinancial impact on the Company it would have.\n19\n The Opposition\u2019s quote from Ustian (at 19) is misplaced\u2014the court was making a non-\ncontroversial point that it can take judicial notice of analyst reports to determine what \u201cinformation\n[was] available to investors during the relevant time period, but not the truth of the matters asserted\nwithin the reports.\u201d 229 F. Supp. 3d at 761-62 (emphasis added). The rest of the Opposition\u2019s\nauthorities are factually inapposite because, in those, defendants intentionally lied or concealed\nmaterial information in response to pointed analyst questions. See Scholastic, 252 F.3d at 76-77;\nNVIDIA, 81 F.4th at 926-27, 935-36, 940; Hedick v. Kraft Heinz Co., 2021 WL 3566602, at *6, *10\n(N.D. Ill. 2021). There are no such allegations here.\n\n 14\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 20 of 27 Document 81\n\f 2. The SAC Fails To Plead That The SnapRS Statements Were False Or\n Misleading.\n\n The Motion establishes that Plaintiffs made negligible changes to their SnapRS allegations\n\nand, as a result, the SAC again fails to plead any false or misleading statements. Mot. at 21-25. The\n\nOpposition responds that the SAC\u2019s two new allegations\u2014regarding a CPSC report and SnapRS\n\nupgrades\u2014resolve their pleading deficiencies and make the SAC more like the amended complaint\n\nin Gogo II than the complaint dismissed in Gogo I. Opp. at 26. Plaintiffs are wrong. The SAC makes\n\nno factual allegation to show that either Mr. Jagdfeld or Mr. Ragen knew of any widespread defect\n\nduring the Class Period. Accordingly, neither new allegation affects the Court\u2019s holding that\n\nPlaintiffs failed to allege \u201csufficiently specific and detailed information about when Defendants\n\nwere not only aware of the pervasiveness of the defect, but also that it would expose them to the\n\nincreased liabilities, warranty claims, and reputational harm alleged.\u201d See FAC Order at 27\n\n(emphasis in original; internal quotation omitted).\n\n The Opposition\u2019s argument based on the SAC\u2019s first new allegation (at 26)\u2014that \u201cthe\n\nCompany reported the defect as \u2018significant\u2019 in November 2021\u201d\u2014misleads the Court on both the\n\nalleged facts and the law. Nowhere does the SAC allege that Generac reported a \u201csignificant\u201d defect.\n\nThe SAC alleges only that the Company reported a \u201cpotential defect\u201d to the CPSC. \u00b6 88 (emphasis\n\nadded). This is because Plaintiffs are forced to concede that the standard for submitting a CPSC\n\nreport is only whether a company obtains information that could reasonably support the existence of\n\na product defect that \u201ccould create a substantial product hazard.\u201d See Opp. at 11 (citing 15 U.S.C.\n\n\u00a7 2064(b)) (emphasis added); Mot. at 23-24. In fact, the CPSC instructs that \u201c[f]irms should clearly\n\nerr on the side of over-reporting\u201d (United States v. Mirama Enters., Inc., 185 F. Supp. 2d 1148, 1158,\n\n1160 (S.D. Cal. 2002), aff\u2019d, 387 F.3d 983 (9th Cir. 2004)), and permits companies to deny that their\n\nproducts contain any defect. See Mot. at 24. The SAC\u2019s allegation does nothing to plead that a defect\n\n\n\n 15\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 21 of 27 Document 81\n\fexisted at all, much less on a widespread scale, whether in November 2021 or at any other time. In\n\naddition, the Opposition does not respond to the Motion (at 29) or point to a single factual allegation\n\nto show that Mr. Jagdfeld or Mr. Ragen even knew or had reason to know of the CPSC report.\n\n The Opposition\u2019s next argument based on the SAC\u2019s second new allegation (at 26)\u2014that\n\n\u201cGenerac has replaced at least 500,000 defective SnapRS units\u201d\u2014again mischaracterizes the SAC.\n\nThe SAC conspicuously does not allege that Generac replaced such quantities of SnapRS devices\n\nbefore or during the Class Period. Rather, the SAC alleges only that, in a later court filing, a\n\nGenerac employee stated that the Company had replaced \u201cmore than 500,000 SnapRS 801 and 801A\n\ndevices\u201d by October 2024. \u00b6 100 n.26. Thus, as the Motion explained, the SAC does not allege when\n\nthe SnapRS replacement program began, much less that it occurred during the Class Period. Mot. at\n\n25. The Opposition fails to respond to, and therefore concedes, that point and the Motion\u2019s additional\n\npoint that a mere \u201cgoal\u201d of replacing SnapRS devices does not plead a product defect of any\n\nmagnitude or any Individual Defendants\u2019 awareness of such a defect. See id. at 24-25.\n\n The Opposition\u2019s heavy reliance on Gogo II serves only to highlight the SAC\u2019s deficiencies.\n\nIn Gogo II, the amended complaint added numerous new factual allegations\u2014including facts\n\nsupplied by five witnesses\u2014detailing Gogo engineers\u2019 and executives\u2019 actual knowledge about the\n\nalleged product defect, and making clear that each individual defendant had such knowledge at the\n\ntime of his challenged statements. 2021 WL 1608342, at *2, *6. For instance, the Gogo II court\n\ncredited amended factual allegations from former employees specifically quantifying the scope of\n\nthe defect and demonstrating that 12% of Gogo\u2019s fleet was experiencing problems \u201cprior to the\n\nbeginning of the class period,\u201d that company engineers had determined the cause of the problem\n\nbefore the class period, and that senior executives knew about the issue and attended weekly\n\nmeetings concerning the issue during the class period. Id. (emphasis added). Here, by contrast, the\n\n\n\n\n 16\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 22 of 27 Document 81\n\fSAC includes no witness allegations, and its two new allegations do not plead when the purported\n\nproblem manifested at scale or that either Individual Defendant knew of the issue at the time of his\n\nstatements.20\n\n Finally, the SAC\u2019s failure to allege that a widespread defect manifested during the Class\n\nPeriod also dooms Plaintiffs\u2019 argument that Generac\u2019s risk disclosures were misleading. See Opp. at\n\n25-26. Companies warning of a hypothetical future risk are obligated to disclose information\n\nregarding the extent of that risk only when it attains \u201csufficient magnitude.\u201d Gogo I, 414 F. Supp.\n\n3d at 1174; City of Miami Fire Fighters\u2019 & Police Officers\u2019 Ret. Tr. v. CVS Health Corp., 46 F.4th\n\n22, 35 (1st Cir. 2022). Unlike in Gogo II, where the company\u2019s \u201cfinancial future was heavily\n\ndependent on the success of the [product]\u201d (2021 WL 1608342, at *2), SnapRS sales made up only\n\na tiny fraction of Generac\u2019s revenue, and there is no allegation to demonstrate that the SnapRS issue\n\nattained \u201csufficient magnitude\u201d during the Class Period. See supra at 11.21\n\n 3. The SAC Fails To Plead That The Dealer Concentration Statements\n Were False Or Misleading.\n\n While the SAC challenges nearly identical statements as those that the FAC challenged, the\n\nOpposition ignores Defendants\u2019 arguments that the SAC\u2019s few new allegations related to the Dealer\n\nConcentration Statements do nothing to address the deficiencies the Court previously identified\u2014\n\nspecifically that the majority of statements \u201cdo not relate specifically to Generac\u2019s solar products\u201d\n\nand none \u201cspeaks to the concentration or lack of concentration of sales in or among Generac\u2019s\n\n\n20\n Plaintiffs\u2019 recycled allegation of a \u201c50% failure rate\u201d\u2014which the Court has already found\ninsufficient (see FAC Order at 26-27)\u2014is unlike the 12% rate in Gogo II both because Plaintiffs\nnever assert that that alleged failure rate manifested during the Class Period and because the\nallegation applies to one product within one small Generac division, unlike Gogo\u2019s flagship product.\n21\n Plaintiffs\u2019 other authorities are inapposite. No disclosure was specific to SnapRS (or even\nmentioned SnapRS), and there is no allegation that Defendants engaged in illegal activity. See In re\nFacebook, Inc. Secs. Litig., 87 F.4th 934, 948-49 (9th Cir. 2023) (disclosures warned against risk of\nimproper third-party access to user data without disclosing known improper access to that specific\ndata); Allison v. Oak St. Health, 2023 WL 1928119, at *7 (N.D. Ill. Feb. 10, 2023) (noting, in passage\nOpposition omitted, that general warnings do not \u201csatisfy the duty to disclose specific illegal activities\u201d).\n\n 17\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 23 of 27 Document 81\n\fPWRcell product dealers.\u201d See FAC Order at 29-30; Mot. at 25-27.\n\n Rather than challenging the arguments the Motion actually makes, the Opposition first\n\nasserts that Defendants had a duty to disclose the amount of concentration, but points to no allegation\n\nor case law supporting that assertion. See Opp. at 26-27. The Opposition cites a single out-of-circuit\n\ncase and then suggests a hard-and-fast rule that concentration rates above 30% require disclosure.\n\nId. Plaintiffs misread that case. Beaver County Employees\u2019 Retirement Fund v. Tile Shop Holdings,\n\nInc. addressed a test for the duty to disclose under Item 303 of Regulation S-K. 94 F. Supp. 3d 1035,\n\n1048 (D. Minn. 2015). That test is irrelevant here, as the SAC dropped Plaintiffs\u2019 claim alleging\n\nRegulation S-K violations. See ECF No. 66.22\n\n Next, the Opposition (at 27) points to new allegations about analyst reports but, as the Motion\n\nexplains (at 26-27), these allegations cannot overcome the Court\u2019s holding that the statements do\n\nnot speak to concentration. See FAC Order at 29-30.23 Statements about dealer numbers do not\n\naddress concentration; they are relevant to other issues, including sales growth and geographic reach.\n\nSee Opp. at 14 (quoting statement that dealer numbers are related to \u201csupporting . . . rapid growth\u201d).\n\nPlaintiffs still conflate Defendants\u2019 actual statements with claims about \u201cdiversification\u201d (see id. at\n\n15) but they do not, and cannot, contest that Defendants said nothing about \u201cdiversification.\u201d Also,\n\nthe fact that some analysts commented with hindsight that they did not fully appreciate Pink Energy\n\nwas a \u201cmaterial customer in the solar business\u201d (see id.) does not reflect on the truthfulness of\n\nstatements unrelated to concentration. See, e.g., McDonald v. Compellent Techs., Inc., 2011 WL\n\n\n\n22\n Beaver County also involved 32% of entire company sales, not sales in one small division. Id.\n23\n Plaintiffs\u2019 non-binding authorities (Opp. at 27) are not to the contrary. Berson does not address\nsales concentration, and the defendant there made statements that confused stockholders by mixing\nunlike categories in a manner that has no parallel here. 527 F.3d at 986-87. In In re Obalon\nTherapeutics, Inc., omission of concentrated sales of the company\u2019s sole product rendered\nstatements about the company\u2019s overall financial state misleading, not statements about its dealer\nnetwork. 2019 WL 4729461, at *7-8 (S.D. Cal. Sept. 25, 2019).\n\n 18\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 24 of 27 Document 81\n\f13228408, at *10 n.5 (D. Minn. Aug. 3, 2011) (\u201c[T]o the extent that analysts made inaccurate\n\npredictions based on truthful statements by Compellent, the complaint\u2019s allegations would not\n\nsupport a finding that Compellent was so \u2018entangled\u2019 with the analysts that Compellent assumed a\n\nduty to correct those predictions.\u201d). Plaintiffs give the Court no reason to reconsider its analysis of\n\nthe same Dealer Concentration Statements its FAC Order previously addressed.\n\n 4. The SAC Fails To Plead Scienter As To The SnapRS And Dealer\n Concentration Statements.\n\n As with the HSB Statements, the SAC lacks particularized facts that either Mr. Jagdfeld or\n\nMr. Ragen knew or recklessly disregarded that any SnapRS or Dealer Concentration Statement was\n\nfalse or misleading. Notably, the Opposition does not even attempt to defend the SAC\u2019s failure to\n\nplead any particularized facts regarding Mr. Ragen\u2019s knowledge, and all claims against him should\n\ntherefore be dismissed. See Opp. at 27-37; see also \u00b6\u00b6 212-13.\n\n As to Mr. Jagdfeld, the Opposition\u2019s arguments fail for the same reason the overall claims\n\nfail\u2014the SAC does not allege that he knew of the SnapRS issues or dealer concentration at the time\n\nof the challenged statements.24 The Opposition insists that Mr. Jagdfeld admitted to being aware of\n\nattempts to fix the SnapRS issue. Opp. at 36. But the Court already rejected this argument. See FAC\n\nOrder at 27; Mot. at 28. The CPSC report allegation is also a non-starter, as explained above,\n\nincluding because there is no allegation that Mr. Jagdfeld even knew about the CPSC report. See\n\nsupra at 16; Mot. at 23-24.25 Regarding the Dealer Concentration Statements, while the Opposition\n\n\n24\n For this reason, Fugman is a red herring. There, the court found scienter because the complaint\npleaded facts showing that defendants knew, despite their statements to the contrary, that the\ncompany\u2019s product was never marketable. 961 F. Supp. at 1195-96.\n25\n Contrary to the Opposition\u2019s claim (at 33), the SAC does not allege that either Mr. Ragen or\nMr. Jagdfeld regularly monitored SnapRS issues. Rather, the SAC alleges only that a Product Safety\nCommittee regularly reviewed safety concerns related to Generac products, but does not allege that\nit reviewed concerns about SnapRS, or that either Mr. Jagdfeld or Mr. Ragen was on that committee.\nTo the extent the Opposition is referring to the SAC\u2019s allegations regarding the Powerplay CE tool\n\n\n\n 19\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 25 of 27 Document 81\n\fmisleadingly claims Mr. Jagdfeld \u201cadmitted tracking solar dealer sales\u201d (at 36), nowhere does the\n\nSAC allege that. And Mr. Jagfeld\u2019s post-Class Period statement that Generac should diversify its\n\ncustomer base going forward does not show that Mr. Jagdfeld knew sales were purportedly\n\nconcentrated in Pink Energy at the time of the challenged statements, much less that his statements\u2014\n\nwhich did not even discuss dealer concentration\u2014were misleading.26\n\n 5. The SAC Fails To Plead Loss Causation As To The SnapRS And Dealer\n Concentration Statements.\n\n Plaintiffs\u2019 loss causation arguments as to SnapRS and Dealer Concentration fail for the same\n\nreasons that they fail as to HSB. See supra at 10-11. The four alleged corrective disclosures\n\nconcerned customer complaints about SnapRS and Pink Energy\u2019s shutdown as a dealer, but have no\n\nconnection to the challenged statements regarding Generac\u2019s overall, generalized safety functions\n\nand dealer base. See Mot. at 29-30; also Fairfax, 886 F. Supp. 2d at 338.\n\n C. The Section 20(a) Claim Should Also Be Dismissed.\n\n The Opposition does not dispute that the Section 20(a) claim rises and falls with the Section\n\n10(b) claim. See Opp. at 40. Because the SAC fails to plead a Section 10(b) claim, the Court also\n\nshould dismiss the Section 20(a) claim.\n\nIII. CONCLUSION\n\n The Opposition confirms that the SAC fails to cure the pleading deficiencies that the Court\n\npreviously identified, and that further amendments would thus be futile. Accordingly, the SAC\n\nshould be dismissed in its entirety and with prejudice.\n\n\n\n(\u00b6 181), the SAC does not allege that, at the time of the statements, Powerplay could be used to\ncompare dealers\u2019 respective shares of PWRcell, that Mr. Jagdfeld regularly monitored that tool, or\nthat it showed Generac\u2019s sales were highly concentrated in Pink Energy. See Mot. at 27-28.\n26\n The statement that no single customer provided more than 6% of Company\u2019s total sales in 2021\n(\u00b6 129(a)) cannot support an inference of scienter because it is simply not misleading\u2014of course,\nPink Energy did not account for more than 6% of Generac\u2019s total sales, not even clean energy as a\nwhole did. See Opp. at 28 (conceding that statements that are not misleading do not support scienter).\n\n 20\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 26 of 27 Document 81\n\fDated: July 30, 2025 Respectfully submitted,\n\n\n\n By:\n Glenn K. Vanzura\n WILLKIE FARR & GALLAGHER LLP\n 2029 Century Park East, Suite 2900\n Los Angeles, CA 90067\n (310) 855-3000\n gvanzura@willkie.com\n\n\n By:\n Jacqueline M. Vallette\n MAYER BROWN LLP\n 700 Louisiana Street, Suite 3400\n Houston, TX 77002\n (713) 238-3000\n jvallette@mayerbrown.com\n\n Joseph De Simone\n MAYER BROWN LLP\n 1221 Avenue of the Americas\n New York, NY 10020\n (212) 506-2559\n jdesimone@mayerbrown.com\n\n Andrew J. Spadafora\n MAYER BROWN LLP\n 1999 K Street NW\n Washington, DC 20006\n (202) 263-3043\n aspadafora@mayerbrown.com\n\n Counsel for Defendants Generac Holdings Inc.,\n Aaron Jagdfeld, and York A. Ragen\n\n\n\n\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 27 of 27 Document 81\n\f","ocr_status":1,"date_upload":"2026-06-24T06:27:32.258829-07:00","document_number":"81","attachment_number":null,"pacer_doc_id":"20305837527","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":1,"description":"Reply Brief in Support of Motion","acms_document_guid":""}],"date_created":"2025-07-30T18:26:22.433160-07:00","date_modified":"2026-05-11T22:24:48.556118-07:00","date_filed":"2025-07-30","time_filed":"19:21:06","entry_number":81,"recap_sequence_number":"2025-07-30.001","pacer_sequence_number":283,"description":"REPLY BRIEF in Support filed by Generac Holdings Inc, Aaron Jagdfeld, York A Ragen re 73 MOTION to Dismiss the Amended Consolidated Complaint for Violations of the Federal Securities Laws . (Vallette, Jacqueline)","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/433224796/","id":433224796,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/447571066/","id":447571066,"tags":[],"absolute_url":"/docket/66582470/82/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2025-07-30T18:26:22.338625-07:00","date_modified":"2026-06-25T07:05:41.922820-07:00","sha1":"ddc57f3a1d5ee2e9e161bfc22cf0a830a35dee2a","page_count":2,"file_size":42015,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.82.0.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.82.0.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" UNITED STATES DISTRICT COURT\n FOR THE EASTERN DISTRICT OF WISCONSIN\n\n\n\nOAKLAND COUNTY VOLUNTARY Case No. 2:22-cv-01436-BHL\nEMPLOYEES BENEFICIARY\n (Consolidated with Civil No. 2:23-cv-\nASSOCIATION, et al.,\n 00081-BHL)\n Plaintiffs,\n\n v. CLASS ACTION\n\nGENERAC HOLDINGS INC., AARON\nJAGDFELD, and YORK A. RAGEN,\n\n Defendants.\n\n\n DECLARATION OF JACQUELINE VALLETTE IN SUPPORT OF\n DEFENDANTS\u2019 REPLY BRIEF\n\n\n I, Jacqueline Vallette, declare as follows:\n\n 1. I am an attorney with the law firm Mayer Brown LLP, and counsel for Defendants\n\n Generac Holdings Inc. (\u201cGenerac\u201d), Aaron Jagdfeld, and York A. Ragen (collectively, and\n\n together with Generac, \u201cDefendants\u201d). I am a member in good standing with the State Bars of\n\n Texas and California and admitted to practice in the Eastern District of Wisconsin. I submit\n\n this declaration in support of the accompanying Reply Brief In Further Support Of Defendants\u2019\n\n Motion to Dismiss The Amended Consolidated Complaint For Violation Of The Federal\n\n Securities Laws. I have personal knowledge of the facts set forth herein.\n\n 2. Both of the exhibits attached hereto are referenced in the Amended Consolidated\n\n Complaint (ECF No. 66, the \u201cSAC\u201d) and central to Plaintiffs\u2019 claims. See SAC \u00b6\u00b6 67(e)\n\n (referencing Ex. 15), 186-88 (referencing Ex. 16); see also ECF No. 77 at 1-2.\n\n\n\n\n 1\n\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 1 of 2 Document 82\n\f 3. Attached hereto as Exhibit 15 is a true and correct copy of the transcript of\n\n Generac\u2019s earnings call for the first quarter of fiscal year 2022, dated May 4, 2022.\n\n 4. Attached hereto as Exhibit 16 is a true and correct copy of the William Blair Report,\n\n dated November 3, 2022.\n\n I declare under penalty of perjury of the laws of the United States that the foregoing is true\n\nand correct. Executed this 30th day of July, 2025 in Houston, Texas.\n\n\n\n\n Jacqueline Vallette\n\n\n\n\n 2\n\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 2 of 2 Document 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82-1\n\f","ocr_status":1,"date_upload":"2026-06-24T06:27:28.734725-07:00","document_number":"82","attachment_number":1,"pacer_doc_id":"20305837531","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":2,"description":"Exhibit 15 - Generac May 4, 2022 Earnings Call Transcript","acms_document_guid":""},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/483828064/","id":483828064,"tags":[],"absolute_url":"/docket/66582470/82/2/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2026-06-24T06:26:45.619835-07:00","date_modified":"2026-06-25T06:56:10.358012-07:00","sha1":"656604e0468a186bcbba2ad337dca86da1bca212","page_count":14,"file_size":1090323,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.82.2.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.82.2.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" Exhibit 16\n\n\n\n\nCase 2:22-cv-01436-BHL Filed 07/30/25 Page 1 of 14 Document 82-2\n\f Equity Research\n Global Industrial Infrastructure | Industrial Technology (Wham /lair\n November 3, 2022 Brian Drab, CFA +1 312 364 8280\n bdrab@williamblair.com\n Blake Keating +1 312 364 8673\n Generac Holdings Inc. bkeating@williamblair.com\n Tyler Hutin, CFA +1 312 364 5129\n thutin@williamblair.com\n Provides 2023 Guidance; Clean Energy in Worse Shape Than We Thought\n\n Summary. Generac reported third-quarter results that were in line with the recent Stock Rating: Outperform\n preannouncement. Revenue increased 15% (10% organic), including approximately 5%\n organic growth in residential and 23% organic growth in C&I. Adjusted EPS declined 26%, Symbol: GNRC (NYSE)\n Price: $101.39 (52-Wk.: $101-$463)\n to $1.75. Management reaffirmed the 2022 guidance issued in the preannouncement, which Market Value (M): $6,472\n included a $560 million reduction in expected revenue for the year. We originally assumed Dividend/Yield: $0.00/0.00%\n nearly all the downward revision was attributable to a build-up of home-standby generator Fiscal Year End: December\n channel inventory, but we now understand that challenges in the clean energy (solar) 2021A 2022E 2023E\n business accounted for about one-third of the reduction. We discuss revelations regarding Estimates\n the clean energy business below. Management provided a preliminary forecast for 2023. EPS Q1 $2.38 $1.98 $1.56\n The home standby assumptions in the forecast were in line with our most recent model. We, Q2 $2.39 $2.86 $1.76\n however, cut about $300 million in revenue from our forecast for the clean energy segment. Q3 $2.35 $1.75 $2.16\n Q4 $2.51 $1.82 $2.26\n This was the primary reason we lowered our 2023 adjusted EPS estimate from $8.47 to FY $9.63 $8.41 $7.74\n $7.74. Sales (M) FY $3,737.2 $4,600.3 $4,373.0\n Valuation\n Clean Energy. Although we previously assumed the $560 million reduction in 2022 FY P/E 10.5x 12.0x 13.1x\n consolidated revenue guidance was almost entirely attributable to challenges in the home CY P/E 10.5x 12.0x 13.1x\n EV/Sales 2.2x 1.8x 1.8x\n standby business, management disclosed that about one-third of the reduction (about $185\n million) is associated with reduced expectations for the clean energy business in 2022. In Trading Data (FactSet)\n fact, the primary adjustment we are making in our model following the full third-quarter Shares Outstanding (M): 63.8\n report is related to the clean energy business. The company's dependence on distributor Pink Float (M): 62.9\n Avg. Daily Volume (90-day): 1,561,424\n Energy was more significant than we understood. Management has consistently indicated\n Generac works with many distributors in the solar and energy storage market, and that Financial Data (FactSet)\n Generac has trained and certified over 2,000 dealers on the company's solar/energy storage Book Value Per Share (MRQ): $31.92\n product portfolio. We believe it will come as a surprise to many investors that Pink Energy Return on Equity (TTM): 21.2%\n Enterprise Value (M): $8,068\n likely accounted for more than half of Generac's solar/energy storage sales. Pink Energy filed\n for bankruptcy on October 7 and is no longer installing Generac products. Two-Year Price Performance Chart\n $600\n We now also believe the quality issues Generac has been experiencing with solar $500\n\n components, particularly a rapid shutdown device called the SnapRS, are severe enough that $400\n\n\n the company's reputation in the solar industry has been damaged. The next generation of\n $300\n\n $200\n\n the SnapRS, the RS802, was launched in June 2022. Some good news is that early indications $100\n\n\n are that the RS802 has a much lower failure rate than its predecessor, the RS801. In the $0\n Jan-21 Jan-22\n\n third quarter, Generac reported $37 million in warranty charges associated with the clean\n Sources: FactSet, William Blair & Company estimates\n energy business. Management said that replacement costs are \"significantly weighted\n towards\" labor, with hardware being the minority. Just as a point of reference, if we assume\n replacement hardware accounts for 25% of the $37 million in warranty charges, and the cost\n of goods for a SnapRS is $25-$30 (our estimate based on pricing found online), then Generac\n may be in the process of replacing about 300,000 of these devices in the field.\nGenerac Holdings is a leading provider of residential, commercial, and industrial generators. The company's\nresidential business offers portable and residential standby generator systems sold through dozens of retailers\n(including Home Depot and Lowe's) and thousands of contractors. Generac's natural gas, gasoline, and diesel-based\ngenerators are also used as a backup electricity source in commercial/industrial applications, including gas stations,\nrestaurants, cellular towers, hospitals, and manufacturing plants. Generac also sells products for the clean energy\nindustry, including battery storage systems and home energy management solutions.\n\nPlease refer to important disclosures on pages 11 \u2013 13. Analyst certification is on page 11.\nWilliam Blair or an affiliate does and seeks to do business with companies covered in its research reports. As a\nresult, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of\nthis report. This report is not intended to provide personal investment advice. The opinions and recommendations\nherein do not take into account individual client circumstances, objectives, or needs and are not intended as\nrecommendations of particular securities, financial instruments, or strategies to particular clients. The recipient of\nthis report must make its own independent decisions regarding any securities or financial instruments mentioned\nherein. Case 2:22-cv-01436-BHL Filed 07/30/25 Page 2 of 14 Document 82-2\n\f William Blair\n\nClean Energy (continued). On the second quarter 2022 conference call, management estimated clean energy sales would\ntotal about $500 million in 2022. Updated guidance for 2022 clean energy sales is $300 million to $330 million. These figures\ninclude ecobee, which we estimate will generate about $150 million in revenue in 2022. Therefore, excluding Ecobee, guidance\nfor the core clean energy business (primarily residential solar) is approximately $150 million to $180 million, down from\nabout $225 million in 2021. Although the year-over-year decline is substantial, the situation looks even worse after deriving\nthe run-rate for this business expected in the second half of 2022. If management was previously expecting clean energy\nrevenue of $500 million in 2022, then the expectation was approximately $350 million excluding ecobee. We estimate the\n$350 million for the year included approximately $150 million in the first half of 2022. These estimates, and implied revenue\nguidance of $150 million to $180 million for core clean energy in 2022, indicate revenue in the second half of the year is\nexpected to be less than $30 million. As a result, we believe Generac's core clean energy business is resetting at a much lower\nlevel than previously expected. Our estimate for 2023 clean energy is now $240 million, including $45 million core and $195\nmillion from ecobee. We previously expected 2023 clean energy revenue of $550 million (based on what we thought was a\nconservative assumption of 10% growth on the expected $500 million in 2022). As a result, we have removed about $300\nmillion in clean energy revenue from our 2023 forecast.\n\nThe reduction in core clean energy revenue is troubling for several reasons:\n\n 1) It now seems the business will likely generate only $10 million to $15 million per quarter in the near term, down from\n about $75 million per quarter in the first half of 2022.\n\n 2) An approximate 80% reduction in run-rate revenue for this business, we believe, means that on top of a customer\n concentration issue with Pink Energy, Generac is now finding it challenging to do business with other installers given\n the recent quality issues.\n\n 3) These realizations regarding clean energy hurt management's credibility, given there was no indication Generac had\n material customer concentration in this business.\n\n 4) The realization of customer concentration makes it clear that Generac has not been as successful as we believed at\n attracting distribution partners in the solar market, and recent quality issues will make building that distribution even\n more challenging.\n\n 5) The drop in volume will likely result in negative operating leverage, resulting in margin pressure and pushing out the\n company's goal for clean energy EBITDA margin to be in line with the corporate average eventually.\n\n 6) Although residential solar was running at only slightly more than 5% of total revenue, we believe Generac\u2019s entrance\n into this market resulted in an upward rerating of the stock given the promising long-term prospects of the solar\n industry and the rapid rate at which Generac had been growing the business. Before the recent issues, this business\u2014\n which likely only generated revenue of about $10 million 2019\u2014was on track to generate over $300 million in 2022.\n Given guidance indicates this business will report less than $30 million in the second half of 2022, the company\u2019s solar\n business, we believe, will be viewed by the market as a show-me story for the next several quarters. We believe the\n valuation expansion driven by the solar business has essentially completely reversed.\n\nManagement, however, is more optimistic regarding the outlook for the company\u2019s residential solar business. The guidance for\n2023 includes \u201crobust growth\u201d for the company\u2019s clean energy technology portfolio, driven by expanding distribution and new\nproducts. We acknowledge that the clean energy portfolio also includes a growing subsegment of the C&I business, but the\ncompany\u2019s primary clean energy businesses (by a significant margin) have been residential solar and ecobee. \u201cRobust growth\u201d\non top of the current forecast for $300 million to $330 million in 2022, in our view, suggests clean energy revenue of about\n$400 million in 2023. This is well above our current expectation for $240 million.\n\nThird-Quarter Detail. Third-quarter revenue increased 15% year-over-year (10% organically), to $1.09 billion, slightly\nbelow the consensus estimate of $1.10 billion. Residential product sales increased 9% (4% organically), driven by sales of\nhome standby generators (midteens growth) and the impact of recent acquisitions, in part offset by lower shipments of\nPWRcell energy storage systems. Despite year-over-year growth, residential sales were weaker than expected, with shipments\nof home standby generators and clean energy products below management\u2019s expectations. Commercial and industrial product\nsales increased 21% (23% organically), with growth across all channels domestically, strength in Europe, and contribution\nfrom recent acquisitions. Adjusted EBITDA (before minority interest) of $184 million (down 12% year-over-year) were in line\nthe consensus estimate of $184 million, and adjusted EPS of $1.75 were in line with the consensus estimate of $1.75. In the\n\n Case\n2 | Brian Drab +1 312 2:22-cv-01436-BHL\n 364 8280 Filed 07/30/25 Page 3 of 14 Document 82-2\n\f William Blair\n\nquarter, Generac had to address a warranty situation with the upgrade of a component in the company\u2019s PWRcell energy\nstorage system. This resulted in a $55 million charge for the third quarter, comprised of an $18 million bad debt reserve and a\n$37 million warranty charge.\n\nGuidance Detail. Management updated the company\u2019s revenue and EBITDA margin guidance for 2022 and provided an initial\noutlook for 2023. For 2022, revenue is now expected to increase in a range of 22%-24% (including an approximate 5%-7% net\ntailwind from acquisitions and foreign currency translation). This would imply a range of $4.56 billion to $4.63 billion, down\nfrom previous guidance of $5.08 billion to $5.23 billion. The midpoint of the guidance, $4.60 billion, is below the consensus\nestimate (before the release) of $4.67 billion. Residential and commercial and industrial sales are both expected to increase at\na low- to mid-20% rate in 2022. Adjusted EBITDA (before deducting minority interest) margin for 2022 is now expected to be\nin a range of 18%-19% (previously 21.5%-22.5%), with the midpoint below the consensus estimate of 21.6% (before the\nrelease). The midpoint of the guidance ranges for 2022 revenue and adjusted EBITDA margin implies adjusted EBITDA of\nabout $850 billion, below the consensus estimate at the time of the release of $896 million.\n\nFor 2023, management anticipates weakness in the first half year-over-year, with a return to solid growth in the second half,\nresulting in a modest decline in overall net sales for the full year. Home standby generators are expected to face significant\nheadwinds in the first half of 2023, due to the company working through massive backlog in 2022. As field inventories\nnormalize, management believes sequential growth through the year will be strong, and that the segment will only have a\nmodest decline in the second half year-over-year. Commercial and industrial products are expected to have strong sales\ngrowth throughout 2023. Guidance for 2023 assumes long-term baseline power outage activity and does not assume a\nprolonged recessionary environment impacting consumer spending. Despite the troubles with clean energy in the third\nquarter, management believes the segment will return to solid growth in 2023. Management also expects the company\u2019s PV\nmicroinverter product, PWRmicro, to have a phased commercial rollout in the first half of 2023, and a full commercial launch\nin the second half.\n\nHome Standby. Sales of home standby generators grew at a midteens rate in the third quarter. Hurricane Ian drove total\npower outage activity well above the long-term average. Despite growing year-over-year, sales were below management\u2019s\nexpectation. Installation capacity continues to lag Generac\u2019s production capacity. We believe the situation is exacerbated by\nlack of labor, permitting and utility related delays, and shortages in certain materials needed to complete an installation. We\nbelieve underlying demand for home standby generators remains near an all-time high. Although in-home consultations\n(IHCs) were down year-over-year, IHCs increased sequentially. In third quarter 2021, IHCs reached an all-time high, fueled in\npart by Hurricane Ida. Third quarter 2022 IHCs tied for the second highest level in the company\u2019s history (tied with first\nquarter 2021). The IHC count returned to year-over-year growth in October, driven in part by hurricane Ian. The year-to-date\nIHC total is more than triple the level reported in the first three quarters of 2019 (pre-pandemic).\n\nThe following table is our attempt at estimation of contribution from the different business lines within the residential\nsegment. Management does not provide this breakdown. The table illustrates our expectation for home standby sales, and our\nestimate of sales in past periods for the category. Our forecast (updated after the preannouncement) for an approximate 20%\ndecline in home standby sales in 2023 is unchanged from our model prior to the full earnings release.\n\n Generac Residential Segment Breakdown (William Blair Assumptions)\n ($ in millions)\nRevenue 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22E 2022E 1Q23E 2Q23E 3Q22E 4Q23E 2023E\n Home-Standby Generators 450 - 470 515 - 535 550 - 575 650 - 700 510 - 530 510 - 520 2,250 - 2,300 390 - 410 420 - 430 495 - 505 495 - 505 1,800 - 1,850\n % change yoy n.a. n.a. n.a. n.a. 13% -2% n.a. -29% -37% -4% -3% -20%\n Clean Energy 60 - 65 65 - 75 100 - 110 115 - 125 40-45 45-50 300 - 325 40 - 50 50 - 60 60 - 70 70 - 80 230 - 250\n % change yoy n.a. n.a. n.a. n.a. -31% -31% n.a. -57% -54% 51% 56% -24%\n Portable Generators 55 - 60 55 - 60 55 - 60 55 - 60 55 - 60 55 - 60 220 - 240 55 - 65 55- 65 55 - 65 55 - 65 230 - 250\n % change yoy n.a. n.a. n.a. n.a. 0% 0% n.a. 3% 3% 3% 3% 3%\n Chore Products 40 - 45 40 - 45 40 - 45 45 - 50 40-45 40-45 170 - 190 40 - 50 45 - 55 45 - 55 40 - 50 180 - 200\n % change yoy n.a. n.a. n.a. n.a. 0% 0% n.a. 5% 4% 16% 5% 7%\nResidential 609 706 777 896 664 664 ~3,000 550 590 675 680 ~2,500\n % change yoy 33% 42% 43% 49% 9% -6% 22% -29% -34% 2% 2% -16% to -18%\nSource: William Blair estimates and company management\nNote: Percent change year-over-year based on the midpoint of ranges\n\n\n\nCommercial and Industrial Products. Backlog for commercial and industrial products remain at record levels, and expanded\nfurther in October, giving Generac visibility that growth will continue into 2023. Shipments to national telecom customers\ngrew in the quarter year-over-year, as customers continue to invest in hardening existing sites, while also building out their 5G\nnetworks (which require backup power for resiliency). The segment had substantial growth with national and independent\n\n Case\n3 | Brian Drab +1 312 2:22-cv-01436-BHL\n 364 8280 Filed 07/30/25 Page 4 of 14 Document 82-2\n\f William Blair\n\nrental equipment customers in the quarter, and stationary generators, mobile products, and natural gas generators all\ncontinue to have robust demand. International sales had strength in all regions, particularly in Europe and Latin America.\nGenerac\u2019s facility in Mexico is ramping up production for telecom products for the North American market, and the European\nregion has had strong demand for C&I and portable generators. The company is also providing backup generators to Ukraine\nto address concerns over power security. On October 3, Generac completed the acquisition of Blue Pillar, an industrial internet\nof things (IoT) platform developer, that enables distributed energy generation monitoring and control. Blue Pillar\u2019s\nconnectivity solutions can make previously stranded backup generators available for use by grid services programs through\nGenerac\u2019s Concerto software platform, a step forward for management\u2019s vision to create a single user interface for a suite of\nconnected commercial and industrial assets.\n\nValuation and Conclusion. Although home-standby sales will likely remain under pressure through the first half of 2023, we\nbelieve demand for the product category remains robust based on underlying metrics, particularly in-home consultations\n(which increased sequentially in the second quarter and third quarter and are near all-time highs). In addition, we continue to\nview Generac as an overall high-quality company with exposure to several attractive themes, including grid deterioration,\nhome security, climate change, distributed power generation, and clean energy. At $101, shares trade at 9 times our 2023\nEBITDA estimate (below the three-year average of 20 times) and 13 times our 2023 adjusted EPS estimate (below the three-\nyear average of 27 times). Shares now trade at a 10% discount to the S&P 500 average multiple. As discussed above, the recent\nevents in the company\u2019s residential solar business have made that business much less attractive and, we believe, erased most\n(if not all) of the value investors were assigning to that business. Prior to the company\u2019s entry into the clean energy market,\nGenerac consistently traded with an EV/EBITDA multiple in the 11-13 range. We believe the current forward EV/EBITDA\nmultiple of 9 times also implies an expectation for downside to our forecast for the balance of the company. We believe our\nforecast is appropriate, conservative, and underpinned by continuing strong demand for home standby generators, evidenced\nby continued growth in in-home consultations. When the industry reaches equilibrium\u2014meaning the channel has a chance to\nwork through inventory\u2014we believe Generac will resume a growth trajectory. The clean energy business, in our view, is now\nessentially a free call option. We believe the current price will prove to be an attractive entry point. We maintain an\nOutperform rating.\n\nRisks. Weather events, or lack of such events, can materially affect Generac\u2019s financial performance. Additional investment\nrisks include end-market cyclicality and uncertainty regarding the company\u2019s growth trajectory in new markets such as\nCalifornia and clean energy.\n\nThird-Quarter Detail\n\n\uf0b7 Residential product revenue increased 9% year-over-year, to $664 million. Revenue growth in the segment was mostly\n driven by sales of home standby generators (midteens growth) and the impact of recent acquisitions, in part offset by\n lower shipments of PWRcell energy storage systems. Despite year-over-year growth, residential sales were weaker than\n expected, with shipments of home standby generators and clean energy products below management\u2019s expectations.\n\n\uf0b7 Commercial and industrial revenue increased 21% year-over-year, to $311 million, with growth across all channels\n domestically, strength in Europe, and contribution from recent acquisitions. Backlog for C&I products remain at record\n levels, and expanded further in October, giving Generac visibility that growth will continue into 2023.\n\n\uf0b7 Sales for the other products and services category increased 49% year-over-year, to $113 million, due to strength in\n aftermarket service parts and extended warranty recognition, as well as strong growth in services offerings globally.\n Management noted that recent acquisitions have services and subscription revenue that are included in the other product\n category.\n\n\n\n\n Case\n4 | Brian Drab +1 312 2:22-cv-01436-BHL\n 364 8280 Filed 07/30/25 Page 5 of 14 Document 82-2\n\f William Blair\n\n Revenue by Segment\n $950 -\n $900 -\n $850 -\n $800 -\n $750 -\n $700 -\n $650 -\n $600 -\n $550 -\n $500 -\n $450 -\n $400 -\n $350 -\n $300 -\n $250 -\n $200 -\n $150 -\n $100 -\n $50 -\n $0 _\n\n ,(5\\b` t\\tX .4') e ) e ) 1,(\u2018 e ) riNcb riNcb\n ,O12\n \u2014i\u2014Residential &Portable Commercial &Industrial\n Source: Company Reports\n\n\n\n\n Adjusted Margin Analysis\n 50%\n\n\n 45%\n\n 39 4% 39.4%\n 40% 37.0% 36.9% 37.10/0 38.9%\n 36.6% 36.3% 36.1% 37.6% .39.4% 39.9. 36.9%\n 3 .9% 34.70/ 35.40/0\n 4.30/0 33.9%\n 350/0 33.30/ 34.0% 3.2%\n 35.5% 6-9% 36.2% 36.2%\n 34.4% 36-5% 36-6% 34.5% 35.6%\n 35-3 2.90/0\n 36.3% 33.1%\n 30% 31.8%\n 23.6% 24.5%\n 25%\n 2 .7% 21.6% 20.6% 20.7% 20.3% 20.8% 20.3%\n 21.1%\n 18.1% 19.1%19-9\u00b0/ 23.3% 18.8%\n 20% 1.6% 17.6\u00b0 17.40/ 18.30/ 18.1%\n 20.9% 6-1% 20.0% 18.8% 19.7%\n 14.9% 14.9%\n 15% 16.3%\n 15.8% 15.2% 15.5% 14.8% 15.9%\n 15.5%\n 11.5%\n 10%\n ,\\(,) ,(,) Nco ,0 ,\\93 Ncb ,\\O 10, (10, r1O, (IO q> (1> 11, 15, (1(1,\n 0- 19- np tp\u2022 ,\\(> rip ap tp\u2022 0- 19. tp\u2022 \u201eCl ,,p bp. ,\u2018(> rip \u201ep bp\u2022 0- 19- tp\u2022 \u201ea 19- np tp\u2022 \u201ea 19- op t,\u2264). np\n\n\n \u2014*\u2014Gross \u2014.6\u2014 Operating\n Source: Company Reports\n\n\n\nMargins. Gross margin contracted 240 basis points year-over-year, to 33.2%, due to modest cost headwinds and a less\nfavorable sales mix from lower home standby product sales. Operating expenses increased 68% year-over-year, which\nincluded a $55 million pre-tax charge comprised of $18 million of bad debt expense related to a clean energy customer that\nfiled for bankruptcy (Pink Energy) and a $37 million charge for warranty related to clean energy products. Growth in\noperating expenses were also driven by recurring operating expenses from recent acquisitions, an increase in intangible\namortization expense, and higher employee costs and marketing spend. As a percentage of sales, operating expenses\n(excluding intangible amortization expense) expanded 690 basis points year-over-year. Adjusted operating margin contracted\n930 basis points, to 10.4%, and adjusted EBITDA margin (before minority interest) contracted 530 basis points, to 16.9%.\n\nBalance Sheet and Cash Flow. At the end of the third quarter, Generac had $230 million in cash, total debt of $1.36 billion,\nand a total-debt-to-adjusted-EBITDA ratio of 1.6 times. Generac now has $1.48 billion of available liquidity, including $1.25\nbillion of availability on the company\u2019s revolving credit facility. Third-quarter free cash flow (cash from operations of negative\n$56 million less capital expenditures of $18 million) was negative $74 million, down from $41 million in third quarter 2021.\n\n\n5 | Brian Drab +1 312 364 8280\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 6 of 14 Document 82-2\n\f William Blair\n\nThe decline in free cash flow was driven by lower operating earnings, increased tax payments, and higher working capital\nlevels, in part offset by lower capital expenditures.\n\nOn October 3, 2022, Generac completed the acquisition of Blue Pillar, an industrial internet of things (IoT) platform developer,\nthat enables distributed energy generation monitoring and control. Blue Pillar\u2019s connectivity solutions can make previously\nstranded backup generators available for use by grid services programs through Generac\u2019s Concerto software platform.\n\nOn June 1, 2021, Generac completed the acquisition of Deep Sea Electronics. The company\u2019s headquarters are in the United\nKingdom, and Deep Sea Electronics is a manufacturer and designer of advanced controls. The acquisition is expected to\nenhance Generac\u2019s focus on natural gas power generation and help drive entry into microgrid applications.\n\nOn July 2, 2021, Generac completed the acquisition of California based, Chilicon Power. Chilicon expands Generac\u2019s\naddressable market in the solar industry, capitalizing on the grid-interactive microinverter and monitoring solutions provided\nby the company. The company plans to launch these products in second quarter 2022.\n\nOn September 1, 2021, Generac completed the acquisition of Apricity Code Corporation, based in Bend, Oregon, an advanced\nengineering and product design company focused on developing energy technology solutions.\n\nOn September 1, 2021, Generac completed the acquisition of Off Grid Energy, a designer and manufacturer of industrial-grade\nenergy storage systems, based in Rugby, United Kingdom.\n\nOn October 1, 2021, Generac completed the acquisition of Tank Utility, a provider of IoT propane tank monitoring solutions\nthat enable the optimization of propane fuel logistics, based in Boston, Massachusetts.\n\nOn December 1, 2021, Generac completed the acquisition of ecobee, a leader in sustainable home technology solutions\nincluding smart home energy devices that deliver significant energy savings, security and peace of mind, based in Toronto,\nCanada.\n\n Selected M&A Activity\n Purchase Acquired\nDate Target Headquarters Description Segment Price1 Revenue2\n10/3/2011 Magnum Products Berlin, WI Light towers and mobile generators C&I $85M $108M\n2/1/2012 Gen-Tran Alpharetta, GA Transfer switch products for portables Residential n.d. n.d.\n12/8/2012 Ottomotores Mexico Industrial generators in Latin America C&I $38M $82M\n8/1/2013 Tower Light Srl Italy Mobile light towers in Europe C&I $76M $48M\n `I\n11/1/2013 Baldor Generators Oshkosh, WI Portable, mobile, standby, prime power C&I $46M $60M\n9/2/2014 Pramac America Kearney, NE Portable generators and water pumps Residential $5M $20M\n I\n10/1/2014 Mac Inc. Bismarck, ND Mobile heaters for oil & gas construction C&I $56M $40M\n8/1/2015 Country Home Products Vergennes, VT Engine powered residential products Residential $75M $75M\n3/1/2016 PR Industrial Italy Stationary, mobile, and portable generators Both $61M3 $180M\n1/3/2017 Motortech Germany Gaseous-engine control systems and accessories C&I n.d. $40M\n6/1/2018 Selmec Mexico City Power generators and after-sale support services C&I $50M4 $50M\n2/1/2019 Captiva Energy Solutions Kolkata, India Customized industrial generators C&I n.d. n.d.\n 1\n3/13/2019 Neurio Technology Inc Vancouver, Canada Energy data co. - metering technology & analytics Residential $59.1M $5-10M\n I\n4/29/2019 Pika Energy Inc Westbrook, Maine Manufacturer of integrated battery storage and solutions Both $49.1M $5-10M\n7/1/2020 Energy Systems Stockton, California Industrial distributor Other n.d. n.d.\n9/1/2020 Mean Green Products, LLC Ross, Ohio Battery-powered commercial turf care products Residential n.d. $10M\n10/7/2020 Enbala Power Networks Inc. Denver, Colorado Distributed energy optimization and control software Other n.d. $10M\n6/1/2021 Deep Sea Electronics Ltd. United Kingdom Advanced controls designer and manufacturer C&I $421M $60-75M\n7/2/2021 Chilicon Power Los Angeles, CA Provider of grid-interactive microinverter & monitoring solutions Residential n.d. <$10M\n9/1/2021 Apricity Code Corporation Bend, Oregon Specializes in design of energy-related products Residential n.d. <$10M\n9/1/2021 Off Grid Energy United Kingdom Industrial-grade mobile energy storage systems C&I n.d. $50M\n10/1/2021 Tank Utility Boston, MA Provider of IoT propane tank monitoring; optimization of propane logistics Residential n.d. <$10M\n12/1/2021 ecobee Inc. Canada Provider of sustainable smart home solutions Residential $770M $125M\n10/3/2022 Blue Pillar Indianapolis, IN Industrial IoT Platform C&I n.d. n.d.\n\n1) Net of cash acquired, working capital acquired, debt assumed, and closing adjustments\n2) William Blair Equity Research estimate for prior-year revenue\n3) Acquired 65% of the company; included in Generac consolidated results\n4) William Blair Equity Research\nSource: Company reports and William Blair Equity Research\n\n\n\n\n Case\n6 | Brian Drab +1 312 2:22-cv-01436-BHL\n 364 8280 Filed 07/30/25 Page 7 of 14 Document 82-2\n\f William Blair\n\nForecast. We have fine-tuned our 2022 and 2023 estimates to better reflect management\u2019s end-market commentary. A\nsummary of our updated estimates is provided in the table below.\n\n\n\n Forecast\n 4Q22E FY22E FY23E\n WB Forecast WB Forecast WB Forecast\n New Prior Consensus New Prior Consensus New Prior Consensus\n\n Revenue $1,085 $1,050 $1,126 $4,600 $4,568 $4,668 $4,373 $4,478 $4,568\n\n\n Adj. Op. Margin 15.7% 15.4% 14.9% 16.6% 16.5% 14.7% 17.0% 17.1% 16.3%\n\n\n Adj. EBITDA $184 $189 $233 $822 $843 $896 $784 $860 $943\n\n\n Adj. EPS $1.82 $1.78 $2.25 $8.41 $8.62 $9.21 $7.74 $8.47 $9.19\n\n 1) Figures in millions, except per-share items\n 2) Consensus figures immediately prior to the earnings release\n Sources: Factset and William Blair Equity Research\n\n\n\n\n Third Quarter 2022 Variance Table\n\n Figures in millions (except per-share items)\n\n WB Est.\n Income Statement 3Q22 3Q21 %\u0394 3Q22 %\u0394\n Revenue $1,088 $943 15.4% $1,090 -0.2%\n Gross Income $361 $336 7.5% $382 -5.4%\n Gross margin 33.2% 35.6% 35.0%\n Operating Income $169 $186 -9.3% $167 0.7%\n Operating margin 15.5% 19.7% 15.4%\n GAAP Tax Rate 16.1% 19.7% 24.0%\n Cash Tax Rate 45.6% 18.9% 24.0%\n Adj. Net Income $112 $151 -25.8% $113 -1.0%\n Adj. NI margin 10.3% 16.0% 10.4%\n Diluted Shares Outstanding 64.3 64.2 0.1% 64.3 -0.1%\n GAAP EPS (Cont. Ops) $0.91 $2.05 -55.8% $0.79 15.4%\n Adjusted EPS $1.75 $2.35 -25.8% $1.75 -0.2%\n Adjusted EBITDA $183.82 $209 -12.1% $184 -0.1%\n Adj. EBITDA margin 16.9% 22.2% 16.9%\n\n\n Segment Sales\n Residential & Portable $664 $609 9.1% $700 -5.1%\n Commercial & Industrial $311 $258 20.5% $297 4.8%\n RV & Other $113 $76 49.5% $93 21.5%\n\n Source: Company data and William Blair Equity Research\n\n\n\n\n Case\n7 | Brian Drab +1 312 2:22-cv-01436-BHL\n 364 8280 Filed 07/30/25 Page 8 of 14 Document 82-2\n\f William Blair\n\n Generac Holdings Inc (GNRC) Flash Analytics\n Third Quarter 2022 Earnings\n\n REVENUE PROFILE ($M) REVENUE (BY SEGMENT, %)\n\n\n Other\n $700\n 10%\n $664\n $609\n $600 Residential\n Commercial 61%\n & Industrial\n\n\n \u2022\n $500\n 29%\n $400\n\n $311\n $300 $258\n SEGMENT ORGANIC REVENUE GROWTH\n $200\n\n $113 25.0%\n $76 23%\n $100\n\n 20.0%\n $0\n 3Q21\n\n Residential \u2022 Commercial & Industrial \u2022 3Q22\n\n Other\n 15.0%\n\n\n 10.0%\n\n\n 5.0% 4%\n TOTAL Reported Revenue Growth 15.4%\n REVENUE\n ($M)\n $1,088 Net Acquisition & FX\n Organic Revenue Growth\n 5.2%\n 10.2%\n 0.0%\n Residential Commercial & Industrial\n\n\n\n\n ADJUSTED EBITDA MARGIN FREE CASH FLOW ($M)\n\n\n 25.0% $60\n 22.2% $41\n $40\n 20.0%\n $20\n 16.9%\n\n 15.0% $0\n\n\n ($20)\n\n 10.0%\n ($40)\n\n\n ($60)\n 5.0%\n\n ($80)\n ($74)\n 0.0%\n 3Q21 3Q22 ($100)\n 3Q21 3Q22\n\n\n\n ADJUSTED FREE\n ADJUSTED\n EBITDA ($M) $184 EBITDA\n MARGIN\n 530 bp CASH FLOW\n ($M)\n $116\n 3Q22 SUMMARY\n Results 2022 Guidance\n 3Q22 Actual Consensus Updated Previous Consensus1\n\u25cf Revenue ($M) $1,088 $1,090 \u25cf Revenue ($B) $4.56 - $4.63 $5.08 - $5.23 $4.67\n\u25cf Adj EBITDA Margin 16.9% 16.9% \u25cf Adj EBITDA Margin 18% - 19% 21.5% - 22.5% 19.2%\n\u25cf Adjusted EPS $1.75 $1.75\n\n1) Consensus figures immediately prior to the earnings release\nSource: Company reports and William Blair Equity Research\n\n\n\n\n Case\n8 | Brian Drab +1 312 2:22-cv-01436-BHL\n 364 8280 Filed 07/30/25 Page 9 of 14 Document 82-2\n\f William Blair\n\n\n\nGenerac Holdings Inc. Rating: Outperform\nNovember 3, 2022: $101.39 ($101-$481)\nEarnings Model\n($ in millions, except per-share items)\nFiscal year end: December FY16 FY17 FY18 FY19 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22E FY22E 1Q23E 2Q23E 3Q23E 4Q23E FY23E\nIncome Statement\nNet Sales $1,444.5 $1,679.4 $2,023.5 $2,204.3 $2,485.2 $807.4 $920.0 $942.7 $1,067.1 $3,737.2 $1,135.9 $1,291.4 $1,088.3 $1,084.8 $4,600.3 $971.6 $1,057.7 $1,166.1 $1,177.5 $4,373.0\nCost of Goods Sold 923.4 1094.6 1298.4 1406.6 1521.3 485.6 580.2 606.7 704.5 2377.1 775.1 834.4 727.2 719.2 3055.9 643.2 698.1 767.3 772.5 2881.1\n Gross Profit 521.1 584.8 725.0 797.8 963.9 321.8 339.7 336.0 362.5 1360.1 360.7 457.0 361.1 365.6 1544.4 328.4 359.6 398.8 405.1 1491.9\nSelling & Service 164.6 174.8 191.9 217.7 243.8 68.4 78.8 82.2 89.6 319.0 98.2 120.1 115.1 116.1 449.5 104.0 111.1 110.8 110.7 436.5\nResearch & Development 37.2 42.9 50.0 68.4 80.3 22.4 25.3 27.2 29.4 104.3 39.7 41.6 40.0 41.2 162.5 36.9 38.1 40.8 40.0 155.8\nGeneral & Administrative 70.3 87.6 103.8 110.9 117.0 32.9 41.6 40.8 50.4 165.7 42.0 52.6 37.5 38.0 170.0 34.0 39.2 42.0 41.2 156.4\n Adjusted Operating Profit 248.9 279.5 379.3 400.8 522.8 198.1 194.0 185.8 193.1 771.0 180.8 242.7 168.5 170.3 762.4 153.5 171.2 205.2 213.1 743.1\nInterest Expense (Income), Net 40.6 38.9 34.3 34.1 28.2 6.5 6.8 7.2 8.5 28.9 8.8 9.5 14.1 20.6 53.0 21.0 21.0 21.0 21.0 84.1\nOther Expense (Income), Net (1.4) (0.1) 2.2 (0.5) 2.7 (0.2) (4.6) (5.1) (8.2) (18.1) 4.6 (7.8) 7.4 0.0 4.2 0.0 0.0 0.0 0.0 0.0\nNonrecurring and Amortization Expense / (Income) 53.4 37.0 31.7 47.6 45.7 6.5 17.5 18.3 26.3 68.6 21.9 37.6 75.0 25.8 160.2 26.6 26.6 26.6 26.6 106.3\n Income Before Taxes 156.4 203.7 311.1 319.6 446.2 185.3 174.3 165.4 166.6 691.5 145.5 203.5 72.0 123.9 545.0 105.9 123.7 157.7 165.5 552.8\nIncome Tax Provision 57.6 44.1 69.9 67.3 99.0 35.4 46.4 32.6 20.6 135.0 28.6 45.8 11.6 30.4 116.4 25.9 30.3 38.6 40.6 135.4\n Net Income 98.8 159.6 241.2 252.3 347.2 149.9 127.9 132.8 146.0 556.6 116.9 157.6 60.4 93.6 428.6 80.0 93.4 119.0 125.0 417.3\nNoncontrolling Interests 0.0 1.7 3.0 0.3 (3.4) 1.0 0.9 1.2 3.1 6.1 3.0 1.3 2.2 3.0 9.5 0.0 0.0 0.0 0.0 0.0\n Reported Net Income 98.8 157.8 238.3 252.0 350.6 149.0 127.0 131.6 142.9 550.5 113.9 156.4 58.3 90.5 419.0 80.0 93.4 119.0 125.0 417.3\nRedeemable noncontrolling interest redemption value adj. 0.0 0.0 18.0 (1.2) 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0\n Net Income Available to Common 98.8 157.8 220.3 253.3 348.3 149.0 127.0 131.6 142.9 550.5 113.9 156.4 58.3 90.5 419.0 80.0 93.4 119.0 125.0 417.3\nNet After-Tax Nonrecurring and Amort. Expense / (Income) 101.7 55.5 54.5 67.0 65.0 4.0 26.4 19.7 17.2 67.3 14.7 29.3 53.8 25.8 123.6 20.1 20.1 20.1 20.1 80.2\nAdjusted Noncontrolling Interests 2.2 3.2 3.5 1.5 (0.0) 1.2 1.1 1.3 1.4 5.0 3.5 1.7 2.0 2.0 9.2 0.0 0.0 0.0 0.0 0.0\n Adjusted Net Income $198.3 $211.9 $292.2 $317.8 $412.2 $152.7 $153.2 $151.1 $161.9 $618.9 $128.2 $185.3 $112.2 $117.3 $543.0 $100.0 $113.4 $139.1 $145.0 $497.6\n\nDiluted EPS\nAverage Diluted Shares Outstanding 65.4 62.6 62.2 62.9 63.7 64.1 64.1 64.2 64.5 64.3 64.8 64.7 64.3 64.3 64.5 64.3 64.3 64.3 64.3 64.3\nReported Diluted EPS $1.50 $2.54 $3.54 $4.03 $5.46 $2.32 $1.98 $2.05 $2.22 $8.57 $1.76 $2.42 $0.91 $1.41 $6.49 $1.24 $1.45 $1.85 $1.94 $6.49\n Nonrecurring Expense (Income) 1.55 0.89 0.88 1.07 1.02 0.06 0.41 0.31 0.27 1.05 0.23 0.45 0.84 0.40 1.92 0.31 0.31 0.31 0.31 1.25\nAdjusted Diluted EPS $3.03 $3.38 $4.70 $5.06 $6.47 $2.38 $2.39 $2.35 $2.51 $9.63 $1.98 $2.86 $1.75 $1.82 $8.41 $1.56 $1.76 $2.16 $2.26 $7.74\n\nAdjusted EBITDA $274.6 $310.8 $416.8 $449.2 $581.4 $212.0 $215.7 $207.0 $217.5 $852.1 $193.0 $267.7 $180.2 $184.4 $821.9 $163.8 $181.5 $215.5 $223.4 $784.2\nAdjusted EBITDA (Before Minority Interest) $278.4 $316.9 $424.6 $454.1 $583.8 $214.2 $217.7 $209.2 $220.4 $861.4 $196.4 $271.5 $183.8 $187.9 $836.2 $166.8 $184.5 $218.5 $226.4 $796.2\nEffective Tax Rate 36.8% 21.7% 22.5% 21.1% 22.2% 19.1% 26.6% 19.7% 12.4% 19.5% 19.7% 22.5% 16.1% 24.5% 21.4% 24.5% 24.5% 24.5% 24.5% 24.5%\nCash Tax Rate 5.9% 12.6% 15.1% 15.0% 17.9% 20.4% 21.5% 18.9% 17.8% 19.7% 24.6% 26.6% 45.6% 24.5% 28.1% 24.5% 24.5% 24.5% 24.5% 29.2%\n\n% of Sales\nNet Sales 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%\nCost of Goods Sold 63.9% 65.2% 64.2% 63.8% 61.2% 60.1% 63.1% 64.4% 66.0% 63.6% 68.2% 64.6% 66.8% 66.3% 66.4% 66.2% 66.0% 65.8% 65.6% 65.9%\n Gross Profit 36.1% 34.8% 35.8% 36.2% 38.8% 39.9% 36.9% 35.6% 34.0% 36.4% 31.8% 35.4% 33.2% 33.7% 33.6% 33.8% 34.0% 34.2% 34.4% 34.1%\nOperating Expenses 18.8% 18.2% 17.1% 18.0% 17.7% 15.3% 15.8% 15.9% 15.9% 15.8% 15.8% 16.6% 17.7% 18.0% 17.0% 18.0% 17.8% 16.6% 16.3% 17.1%\n Adjusted Operating Profit 17.2% 16.6% 18.7% 18.2% 21.0% 24.5% 21.1% 19.7% 18.1% 20.6% 15.9% 18.8% 15.5% 15.7% 16.6% 15.8% 16.2% 17.6% 18.1% 17.0%\nAdjusted EBITDA 19.0% 18.5% 20.6% 20.4% 23.4% 26.3% 23.4% 22.0% 20.4% 22.8% 17.0% 20.7% 16.6% 17.0% 17.9% 16.9% 17.2% 18.5% 19.0% 17.9%\nAdjusted EBITDA (Before Minority Interest) 19.3% 18.9% 21.0% 20.6% 23.5% 26.5% 23.7% 22.2% 20.7% 23.1% 17.3% 21.0% 16.9% 17.3% 18.2% 17.2% 17.4% 18.7% 19.2% 18.2%\nAdjusted Net Income 13.7% 12.6% 14.4% 14.4% 16.6% 18.9% 16.7% 16.0% 15.2% 16.6% 11.3% 14.3% 10.3% 10.8% 11.8% 10.3% 10.7% 11.9% 12.3% 11.4%\n\nGrowth Rates\nNet Sales 9.6% 16.3% 20.5% 8.9% 12.7% 69.7% 68.2% 34.4% 40.2% 50.4% 40.7% 40.4% 15.4% 1.7% 23.1% -14.5% -18.1% 7.2% 8.6% -4.9%\nCost of Goods Sold 7.7% 18.5% 18.6% 8.3% 8.2% 60.0% 75.0% 42.7% 52.9% 56.3% 59.6% 43.8% 19.9% 2.1% 28.6% -17.0% -16.3% 5.5% 7.4% -5.7%\n Gross Profit 13.3% 12.2% 24.0% 10.0% 20.8% 86.8% 57.8% 21.7% 20.8% 41.1% 12.1% 34.5% 7.5% 0.8% 13.6% -9.0% -21.3% 10.4% 10.8% -3.4%\nOperating Expenses 25.9% 12.2% 13.3% 14.8% 11.1% 21.7% 36.8% 33.4% 40.9% 33.6% 45.5% 47.0% 28.2% 15.3% 32.8% -2.8% -12.1% 0.5% -1.7% -4.3%\n Adjusted Operating Profit 2.1% 12.3% 35.7% 5.7% 30.4% 180.4% 78.5% 13.6% 7.3% 47.5% -8.7% 25.1% -9.3% -11.8% -1.1% -15.1% -29.4% 21.8% 25.1% -2.5%\nAdjusted EBITDA (before minority interest) 2.8% 13.8% 34.0% 7.0% 28.6% 149.0% 76.8% 17.0% 12.5% 47.6% -8.3% 24.7% -12.1% -14.7% -2.9% -15.1% -32.0% 18.9% 20.5% -4.8%\nAdjusted Net Income 0.1% 6.9% 37.9% 8.8% 29.7% 177.3% 73.2% 13.7% 19.3% 50.2% -16.1% 20.9% -25.8% -27.5% -12.3% -21.9% -38.8% 24.0% 23.6% -8.4%\nAdjusted Diluted EPS 5.9% 11.5% 38.8% 7.7% 27.9% 173.8% 71.2% 12.9% 18.3% 48.9% -17.0% 19.7% -25.8% -27.3% -12.6% -21.3% -38.4% 23.9% 23.6% -8.0%\nSource: Company data and William Blair Equity Research\n\n\n\n\n9 | Brian Drab +1 312 364 8280 Case 2:22-cv-01436-BHL Filed 07/30/25 Page 10 of 14 Document 82-2\n\f William Blair\n\n\n Segment Detail\n ($ in millions, except per share)\n\n FY15 FY16 FY17 FY18 FY19 FY20 FY21 1Q22 2Q22 3Q22 4Q22E FY22E 1Q23E 2Q23E 3Q23E 4Q23E FY23E\n Segment Analysis\n Segment Sales\n Residential 674 772 870 1,043 1,144 1,557 2,457 777 896 664 664 3,001 550 590 675 680 2,495\n Commercial & Industrial 549 558 684 820 872 702 999 279 309 311 321 1,220 321 364 367 379 1,431\n Other 95 114 125 160 189 227 281 80 86 113 100 379 101 103 124 119 447\n Total Sales 1,317 1,444 1,679 2,023 2,204 2,485 3,737 1,136 1,291 1,088 1,085 4,600 972 1,058 1,166 1,178 4,373\n\n Segment Sales Growth\n Residential -7% 15% 13% 20% 10% 36% 58% 43% 49% 9% -6% 22% -29% -34% 2% 2% -17%\n Commercial & Industrial -16% 2% 23% 20% 6% -19% 42% 38% 22% 20% 13% 22% 15% 18% 18% 18% 17%\n Other 10% 20% 9% 29% 18% 20% 24% 27% 31% 49% 30% 35% 26% 20% 10% 18% 18%\n Total Sales Growth -10% 10% 16% 20% 9% 13% 50% 41% 40% 15% 2% 23% -14% -18% 7% 9% -5%\n\n Percentage of Total Segment Sales\n Residential 51% 53% 52% 52% 52% 63% 66% 68% 69% 61% 61% 65% 57% 56% 58% 58% 57%\n Commercial & Industrial 42% 39% 41% 41% 40% 28% 27% 25% 24% 29% 30% 27% 33% 34% 31% 32% 33%\n Other 7% 8% 7% 8% 9% 9% 8% 7% 7% 10% 9% 8% 10% 10% 11% 10% 10%\n Total Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%\n\n Segment Sequential Sales Growth\n Residential 10% 15% -26% 0% -17% 7% 14% 1%\n Commercial & Industrial -2% 11% 1% 3% 0% 14% 1% 3%\n Other 4% 7% 31% -11% 1% 2% 20% -5%\n Total Sequential Sales Growth 6% 14% -16% 0% -10% 9% 10% 1%\n\n Segment Organic Sales Growth\n Residential -12% 2% 12% 20% 8% 34% 56% 38% 42% 4% -9% 17% -29% -34% 2% 2% -17%\n Commercial & Industrial -20% -23% 11% 16% 5% -19% 32% 24% 16% 23% 13% 19% 15% 18% 18% 18% 17%\n Other n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m.\n Total Organic Sales Growth -14% -8.3% 11.4% 18.7% 7.6% 11.7% 46.1% 33% 33% 10% -2% 17.4% -14% -18% 7% 9% -4.9%\n Source: Company data and William Blair Equity Research\n\n\n\n\n10 | Brian Drab +1 312 364 8280 Case 2:22-cv-01436-BHL Filed 07/30/25 Page 11 of 14 Document 82-2\n\f William Blair\n\nIMPORTANT DISCLOSURES\n\nWilliam Blair or an affiliate is a market maker in the security of Generac Holdings Inc.\n\nWilliam Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from Generac Holdings Inc. or\nan affiliate within the next three months.\n\nOfficers and employees of William Blair or its affiliates (other than research analysts) may have a financial interest in the securities of\nGenerac Holdings Inc.\n\nThis report is available in electronic form to registered users via R*Docs\u2122 at https://williamblairlibrary.bluematrix.com or\nwww.williamblair.com.\n\nPlease contact us at +1 800 621 0687 or consult https://www.williamblair.com/equity-research/coverage for all disclosures.\n\nBrian Drab attests that 1) all of the views expressed in this research report accurately reflect his/her personal views about any and all of\nthe securities and companies covered by this report, and 2) no part of his/her compensation was, is, or will be related, directly or indirectly,\nto the specific recommendations or views expressed by him/her in this report. We seek to update our research as appropriate. Other than\ncertain periodical industry reports, the majority of reports are published at irregular intervals as deemed appropriate by the research\nanalyst.\n\nDOW JONES: 32653.20\nS&P 500: 3856.10\nNASDAQ: 10890.80\n\n Ge n e r a c H old in g s In c. Ra t in g H ist or y a s of 1 1 /0 2 /2 0 2 2\n powered by: BlueMat rix\n OP\n 03/26/20\n 600\n\n 500\n\n 400\n\n 300\n\n 200\n\n 100\n\n 0\n Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22\n\n\n C Closing Price\n )\n ( OP:Out perform Mkt :Market Perform UP:Under Perform NR:Not Rat ed I:Init iat ion of Coverage D:Dropped Coverage\n\n Source: Fact Set & William Blair\n )\nAdditional information is available upon request.\n\nCurrent Rating Distribution (as of November 3, 2022):\nCoverage Universe Percent Inv. Banking Relationships * Percent\n\nOutperform (Buy) 73 Outperform (Buy) 10\nMarket Perform (Hold) 27 Market Perform (Hold) 4\nUnderperform (Sell) 1 Underperform (Sell) 0\n*Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has\nreceived compensation for investment banking services within the past 12 months.\n\nThe compensation of the research analyst is based on a variety of factors, including performance of his or her stock recommendations;\ncontributions to all of the firm\u2019s departments, including asset management, corporate finance, institutional sales, and retail brokerage; firm\nprofitability; and competitive factors.\n\n\n\n\n11 | Brian Drab +1Case\n 312 3642:22-cv-01436-BHL\n 8280 Filed 07/30/25 Page 12 of 14 Document 82-2\n\f William Blair\n\nOTHER IMPORTANT DISCLOSURES\n\nStock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect\nthe expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next\n12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry\noutlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) - stock expected\nto outperform the broader market over the next 12 months; Market Perform (M) - stock expected to perform approximately in line with\nthe broader market over the next 12 months; Underperform (U) - stock expected to underperform the broader market over the next 12\nmonths; not rated (NR) - the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings\nmultiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple,\nenterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied\nupon as investment advice. Past performance is not necessarily a guide to future performance.\n\nThe ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time.\n\nOur salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading\nstrategies-to our clients, prospective clients, and our trading desks-that are contrary to opinions expressed in this research report. 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No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of\nWilliam Blair & Company, L.L.C.\n\nThis is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements\nherein have been take from sources we believe to be reliable, but such statements are made without any representation as to accuracy or\ncompleteness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are\nour own unless otherwise stated and are subject to change without notice. Prices shown are approximate.\n\nThis material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorised\nand regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in\nEngland and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors\nor equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of\n2000 (Financial Promotion) Order 2005 (all such persons being referred to as \"relevant persons\"). This document must not be acted on or\nrelied on by persons who are not \"relevant persons.\"\n\n\u201cWilliam Blair\u201d and \u201cR*Docs\u201d are registered trademarks of William Blair & Company, L.L.C. Copyright 2022, William Blair & Company, L.L.C.\nAll rights reserved.\n\nWilliam Blair & Company, L.L.C. licenses and applies the SASB Materiality Map\u00ae and SICSTM in our work.\n\n\n\n\n12 | Brian Drab +1Case\n 312 3642:22-cv-01436-BHL\n 8280 Filed 07/30/25 Page 13 of 14 Document 82-2\n\f illiam Alair\nEquity Research Directory\nJohn Kreger, Partner Director of Research +1 312 364 8612\nKyle Harris, CFA, Partner Operations Manager +1 312 364 8230\n\nCONSUMER ENERGY AND SUSTAINABILITY\nSharon Zackfia, CFA, Partner +1 312 364 5386 Jed Dorsheimer +1 617 235 7555\nGroup Head\u2013Consumer Group Head\u2013Energy and Sustainability\nLifestyle and Leisure Brands, Restaurants, Automotive/E-commerce Generation, Efficiency, Storage\nJon Andersen, CFA, Partner +1 312 364 8697 Tim Mulrooney +1 312 364 8123\nConsumer Products Sustainability Services\nPhillip Blee +1 312 801 7874 Trevor Romeo, CFA +1 312 801 7854\nHardlines, Discount/Value Generation\nDylan Carden +1 312 801 7857 GLOBAL INDUSTRIAL INFRASTRUCTURE\nConsumer Technology, Specialty Retail\n Nick Heymann +1 212 237 2740\nRyan Sundby, CFA +1 312 364 5443 Co-Group Head\u2013Global Industrial Infrastructure\nOutdoor and Recreation Multi-industry\nFINANCIAL SERVICES AND TECHNOLOGY Larry De Maria, CFA +1 212 237 2753\nAdam Klauber, CFA, Partner +1 312 364 8232 Co-Group Head\u2013Global Industrial Infrastructure\nCo-Group Head\u2013Financial Services and Technology Capital Goods\nFinancial Analytic Service Providers, Insurance Brokers, Property &\n Louie DiPalma, CFA +1 312 364 5437\nCasualty Insurance\n Aerospace, Defense, and Government Software\nRobert Napoli, Partner +1 312 364 8496\nCo-Group Head\u2013Financial Services and Technology Brian Drab, CFA, Partner +1 312 364 8280\nFinancial Technology, Specialty Finance Advanced Manufacturing, Industrial Technology\n\nCristopher Kennedy, CFA +1 312 364 8596 Ryan Merkel, CFA , Partner +1 312 364 8603\nFinancial Technology, Specialty Finance Building Products, Specialty Distribution\nJeff Schmitt +1 312 364 8106 TECHNOLOGY, MEDIA, AND COMMUNICATIONS\nWealth Management, Financial Services Distributors Jason Ader, CFA, Partner +1 617 235 7519\nHEALTHCARE Co-Group Head\u2013Technology, Media, and Communications\n Infrastructure Software\nBiotechnology\n Arjun Bhatia, CPA +1 312 364 5696\nTim Lugo, Partner +1 415 248 2870\n Co-Group Head\u2013Technology, Media, and Communications\nGroup Head\u2013Biotechnology\n Software as a Service\nSami Corwin, Ph.D. +1 312 801 7783\n Dylan Becker, CFA +1 312 364 8938\nAndy T. Hsieh, Ph.D., Partner +1 312 364 5051 Software, Software as a Service\nMyles R. Minter, Ph.D. +1 617 235 7534\n Jim Breen, CFA +1 617 235 7513\nMatt Phipps, Ph.D., Partner +1 312 364 8602 Internet Infrastructure and Communication Services\nRaju Prasad, Ph.D., Partner +1 312 364 8469 Jonathan Ho, Partner +1 312 364 8276\nHealthcare Technology and Services Cybersecurity, Security Technology\nRyan S. Daniels, CFA, Partner +1 312 364 8418 Kamil Mielczarek, CFA +1 212 237 2714\nGroup Head\u2013Healthcare Technology and Services Software\nHealthcare Technology, Healthcare Services Maggie Nolan, CPA, Partner +1 312 364 5090\nMargaret Kaczor, CFA, Partner +1 312 364 8608 IT Services\nMedical Technology\n Matthew Pfau, CFA +1 312 364 8694\nBrandon Vazquez +1 212 237 2776 Software as a Service\nDental, Animal Health\n Jake Roberge +1 312 364 8568\nLife Sciences Software, Software as a Service\nMatt Larew, Partner +1 312 364 8242\n Ralph Schackart III, CFA, Partner +1 312 364 8753\nLife Science Tools, Bioprocessing, Healthcare Delivery\n Internet and Digital Media\nAndrew F. Brackmann, CFA +1 312 364 8776\nDiagnostics Stephen Sheldon, CFA, CPA, Partner +1 312 364 5167\n Vertical Technology \u2013 Real Estate, Education, Restaurant/Hospitality\nMax Smock, CFA +1 312 364 8336\nPharmaceutical Outsourcing and Services Matt Stotler +1 212 237 2755\n Software, Software as a Service\nGLOBAL SERVICES\n Alessandra Vecchi +1 212 237 2764\nTim Mulrooney +1 312 364 8123 Semiconductors/Wireless\nGroup Head\u2013Global Services\nCommercial Services, Staffing EDITORIAL AND SUPERVISORY ANALYSTS\nAndrew Nicholas, CPA +1 312 364 8689 Steve Goldsmith, Head Editor and SA +1 312 364 8540\nConsulting, HR Technology, Information Services Audrey Majors, Editor and SA +1 312 364 8992\n Beth Pekol Porto, Editor and SA +1 312 364 8924\nECONOMICS Lisa Zurcher, Editor and SA +44 20 7868 4549\nRichard de Chazal, CFA +44 20 7868 4489 Mubasil Chaudhry, Editor +44 20 7868 4453\n Case 2:22-cv-01436-BHL Filed 07/30/25 Page 14 of 14 Document 82-2\n\f","ocr_status":1,"date_upload":"2026-06-24T06:27:34.748900-07:00","document_number":"82","attachment_number":2,"pacer_doc_id":"20305837532","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":2,"description":"Exhibit 16 - November 3, 2022 William Blair Report","acms_document_guid":""}],"date_created":"2025-07-30T18:26:22.321456-07:00","date_modified":"2026-05-11T22:24:48.621034-07:00","date_filed":"2025-07-30","time_filed":"19:25:16","entry_number":82,"recap_sequence_number":"2025-07-30.002","pacer_sequence_number":286,"description":"DECLARATION of Jacqueline Vallette in Support of Defendants' Reply Brief (Attachments: # 1 Exhibit 15 - Generac May 4, 2022 Earnings Call Transcript, # 2 Exhibit 16 - November 3, 2022 William Blair Report)(Vallette, Jacqueline)","tags":[]},{"resource_uri":"https://www.courtlistener.com/api/rest/v4/docket-entries/428938649/","id":428938649,"docket":"https://www.courtlistener.com/api/rest/v4/dockets/66582470/","recap_documents":[{"resource_uri":"https://www.courtlistener.com/api/rest/v4/recap-documents/443179095/","id":443179095,"tags":[],"absolute_url":"/docket/66582470/80/city-pension-fund-for-firefighters-and-police-officers-in-the-city-of-tampa/","date_created":"2025-06-18T16:22:21.227097-07:00","date_modified":"2026-06-25T03:00:02.817895-07:00","sha1":"28001ebbaa91395dc94ec20f57ebd13086939782","page_count":49,"file_size":750169,"filepath_local":"recap/gov.uscourts.wied.101598/gov.uscourts.wied.101598.80.0.pdf","filepath_ia":"https://archive.org/download/gov.uscourts.wied.101598/gov.uscourts.wied.101598.80.0.pdf","ia_upload_failure_count":null,"thumbnail":null,"thumbnail_status":0,"plain_text":" UNITED STATES DISTRICT COURT\n\n EASTERN DISTRICT OF WISCONSIN\n\n\n\nOAKLAND COUNTY VOLUNTARY\nEMPLOYEES\u2019 BENEFICIARY\nASSOCIATION, et al., Individually and on\nBehalf of All Others Similarly Situated, Civil No. 2:22-cv-01436-bhl (Consolidated\n with Civil No. 2:23-cv-00081-bhl)\n Plaintiff,\n CLASS ACTION\n vs.\n\nGENERAC HOLDINGS INC., et al.,\n\n Defendants.\n\n\n\n PLAINTIFFS\u2019 OPPOSITION TO DEFENDANTS\u2019 MOTION TO DISMISS AND MOTION\n FOR CONSIDERATION\n\n\n\n\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 1 of 49 Document 80\n\f TABLE OF CONTENTS\n\n Page\n\n\nI. INTRODUCTION ...............................................................................................................1\n\nII. THE AC ALLEGATIONS ..................................................................................................4\n\n A. Defendants Concealed that Close Rates Declined ...................................................5\n\n 1. Defendants\u2019 Close Monitoring and Reporting of Close Rates.....................5\n\n 2. Defendants\u2019 Materially Misleading Statements ...........................................7\n\n 3. Defendants\u2019 Admissions and Investor Reaction ..........................................9\n\n B. Defendants Concealed the Widespread Solar Defect ............................................10\n\n 1. The Defect Was Widespread, Affecting 50% of Products ........................10\n\n 2. Defendants\u2019 Materially Misleading Statements .........................................12\n\n C. Defendants Concealed Solar Customer Concentration ..........................................13\n\n 1. The Solar Product Business Was Critical to Generac\u2019s Value ..................13\n\n 2. Customer Concentration Is Material to Investors ......................................13\n\n 3. Defendants\u2019 Materially Misleading Statements .........................................13\n\n 4. Admissions and Investor Reaction to the Solar Disclosures .....................14\n\nIII. ARGUMENT .....................................................................................................................15\n\n A. The AC Cures the Issues Raised in the Order........................................................15\n\n B. The Complaint Alleges Materially False or Misleading Statements .....................16\n\n 1. The Concealed Facts Were Material ..........................................................17\n\n a. Legal Standards for Materiality .....................................................17\n\n b. The Stock Drop Supports Materiality ............................................18\n\n c. The Investment Banks Confirm Materiality ..................................18\n\n d. Defendants Admitted Materiality ..................................................19\n\n e. The Solar Sales Were Material to Generac\u2019s Business ..................20\n\n 2. Defendants\u2019 Misleading Half-Truths Are Actionable................................21\n -i-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 2 of 49 Document 80\n\f Page\n\n\n a. The Generator Sales Metrics Statements .......................................23\n\n b. The Solar Risk and Safety Statements ...........................................24\n\n c. The Solar Dealer Statements ..........................................................26\n\n C. The AC Establishes a Strong Inference of Scienter ...............................................27\n\n 1. Direct Evidence Is Not Required ...............................................................28\n\n 2. This Case Is Like Gogo II, Not Gogo I ......................................................29\n\n 3. The Totality of Allegations Support a Strong Inference of Scienter\n and None Should Be Dismissed as Meaningless .......................................31\n\n a. Defendants\u2019 Direct Responsibilities, Close Monitoring, and\n Frequent Statements Support Scienter ...........................................32\n\n b. The Core Operations Doctrine Supports Scienter ..........................34\n\n c. The Magnitude of the Problems Supports Scienter .......................35\n\n d. Defendants\u2019 Admissions Support Scienter ....................................35\n\n e. Defendants\u2019 Unusual Stock Sales Support Scienter ......................36\n\n D. Loss Causation Is Adequately Alleged ..................................................................37\n\n E. Control Person Liability Under \u00a720(a) Is Adequately Pled ...................................40\n\nIV. CONCLUSION ..................................................................................................................40\n\n\n\n\n - ii -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 3 of 49 Document 80\n\f TABLE OF AUTHORITIES\n\n Page\n\nCASES\n\nAlaska Elec. Pension Fund v. Pharmacia Corp.,\n 554 F.3d 342 (3d Cir. 2009).....................................................................................................18\n\nAllison v. Oak St. Health, Inc.,\n 2023 WL 1928119 (N.D. Ill. Feb. 10, 2023) ................................................................... passim\n\nAzar v. Grubhub, Inc.,\n 2021 WL 4077327 (N.D. Ill. Sept. 7, 2021) ................................................................24, 29, 35\n\nBasic Inc. v. Levinson,\n 485 U.S. 224 (1988) .............................................................................................................3, 17\n\nBeaver Cnty. Emps.\u2019 Ret. Fund v. Tile Shop Holdings, Inc.,\n 94 F. Supp. 3d 1035 (D. Minn. 2015) ......................................................................................27\n\nBerson v. Applied Signal Tech., Inc.,\n 527 F.3d 982 (9th Cir. 2008) .............................................................................................27, 35\n\nBond v. Clover Health Invs. Corp.,\n 2022 WL 602432 (M.D. Tenn. Feb. 28, 2022) ........................................................................28\n\nButala v. Owlet, Inc.,\n 2024 WL 3648141 (C.D. Cal. Aug. 5, 2024) ...........................................................................29\n\nCarpenters Pension Tr. Fund for N. Cal. v. Allstate Corp.,\n 2018 WL 1071442 (N.D. Ill. Feb. 27, 2018) .........................................................22, 24, 36, 37\n\nChow v. Archer-Daniels-Midland Co.,\n 2025 WL 790854 (N.D. Ill. Mar. 12, 2025) ...........................................................16, 28, 29, 32\n\nCity of Lakeland Emps. Pension Plan v. Baxter Int\u2019l Inc.,\n 2012 WL 607578 (N.D. Ill. Jan. 23, 2012) ..............................................................................33\n\nCity of Pontiac Gen. Emps.\u2019 Ret. Sys. v. Lockheed Martin Corp.,\n 875 F. Supp. 2d 359 (S.D.N.Y. 2012)......................................................................................21\n\nCity of Sterling Heights Gen. Emps.\u2019 Ret. Sys. v. Hospira, Inc.,\n 2013 WL 566805 (N.D. Ill. Feb. 13, 2013) .......................................................................16, 36\n\nConstr. Indus. & Laborers Joint Pension Tr. v. Carbonite, Inc.,\n 22 F.4th 1 (1st Cir. 2021) ...................................................................................................19, 20\n\nDesai v. Gen. Growth Props., Inc.,\n 654 F. Supp. 2d 836 (N.D. Ill. 2009) .......................................................................................34\n\n - iii -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 4 of 49 Document 80\n\f Page\n\n\nDura Pharms., Inc. v. Broudo,\n 544 U.S. 336 (2005) .................................................................................................................37\n\nE. Ohman J:or Fonder AB v. NVIDIA Corp.,\n 81 F.4th 918 (9th Cir. 2023) ..............................................................................................18, 19\n\nFryman v. Atlas Fin. Holdings, Inc.,\n 2022 WL 1136577 (N.D. Ill. Apr. 18, 2022) .....................................................................30, 37\n\nFugman v. Aprogenex, Inc.,\n 961 F. Supp. 1190 (N.D. Ill. 1997) ..........................................................................................36\n\nGlickenhaus & Co. v. Household Int\u2019l, Inc.,\n 787 F.3d 408 (7th Cir. 2015) ...................................................................................................38\n\nGrae v. Corr. Corp. of Am.,\n 2017 WL 6442145 (M.D. Tenn. Dec. 18, 2017)................................................................39, 40\n\nHall v. Johnson & Johnson,\n 2019 WL 7207491 (D.N.J. Dec. 27, 2019) ..............................................................................34\n\nHedick v. Kraft Heinz Co.,\n 2021 WL 3566602 (N.D. Ill. Aug. 11, 2021) ........................................................16, 20, 32, 38\n\nHigginbotham v. Baxter Int\u2019l, Inc.,\n 495 F.3d 753 (7th Cir. 2007) ...................................................................................................33\n\nHolwill v. AbbVie Inc.,\n 2020 WL 5235005 (N.D. Ill. Sept. 1, 2020) ......................................................................33, 37\n\nIn re Adams Golf, Inc. Sec. Litig.,\n 381 F.3d 267 (3d Cir. 2004).....................................................................................................21\n\nIn re Akorn, Inc. Sec. Litig.,\n 240 F. Supp. 3d 802 (N.D. Ill. 2017) .......................................................................................17\n\nIn re Allaire Corp. Sec. Litig.,\n 224 F. Supp. 2d 319 (D. Mass. 2002) ......................................................................................26\n\nIn re BioVie Inc. Sec. Litig.,\n 2025 WL 9647667 (D. Nev. Mar. 27, 2025) ...........................................................................25\n\nIn re Enzymotec Sec. Litig.,\n 2015 WL 8784065 (D.N.J. Dec. 15, 2015) ..............................................................................36\n\n\n - iv -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 5 of 49 Document 80\n\f Page\n\n\nIn re Est\u00e9e Lauder Co., Inc. Sec. Litig.,\n 2025 WL 965686 (S.D.N.Y. Mar. 31, 2025) .....................................................................22, 23\n\nIn re Facebook, Inc. Sec. Litig.,\n 2023 WL 8365362 (9th Cir. Dec 4, 2023) .........................................................................25, 26\n\nIn re Firstenergy Corp.,\n 2022 WL 681320 (S.D. Ohio Mar. 7, 2022) ............................................................................32\n\nIn re Grupo Televisa Sec. Litig.,\n 368 F. Supp. 3d 711 (S.D.N.Y. 2019)......................................................................................23\n\nIn re Motorola Sec. Litig.,\n 2004 WL 2032769 (N.D. Ill. Sept. 9, 2004) ............................................................................34\n\nIn re Obalon Therapeutics, Inc.,\n 2019 WL 4729461 (S.D. Cal. Sep. 25, 2019) ..........................................................................27\n\nIn re Scholastic Corp. Sec. Litig.,\n 252 F.3d 63 (2d Cir. 2001).................................................................................................19, 35\n\nIn re Sears, Roebuck & Co. Sec. Litig.,\n 291 F. Supp. 2d 722 (N.D. Ill. 2003) .................................................................................32, 34\n\nIn re Shopko Sec. Litig.,\n 2002 WL 32003318 (E.D. Wis. Nov. 5, 2002) ........................................................................16\n\nIn re Ulta Salon, Cosms. & Fragrance, Inc. Sec. Litig.,\n 604 F. Supp. 2d 1188 (N.D. Ill. 2009) ...............................................................................18, 35\n\nIn re Upstart Holdings, Inc. Sec. Litig.,\n 2023 WL 6379810 (S.D. Ohio Sept. 29, 2023) .......................................................................28\n\nIn re Valeant Pharms. Int\u2019l, Inc. Sec. Litig.,\n 2017 WL 1658822 (D.N.J. Apr. 28, 2017) ..............................................................................16\n\nIn re Valeant Pharms. Int\u2019l, Inc., Sec. Litig.,\n 2019 WL 2724075 (D.N.J. June 30, 2019) ..............................................................................37\n\nIn re Virtu Fin., Inc. Sec. Litig.,\n 2025 WL 847824 (E.D.N.Y. Mar. 17, 2025) ...........................................................................25\n\nIn re Vivendi, S.A. Sec. Litig.,\n 838 F.3d 223 (2d Cir. 2016).........................................................................................22, 39, 40\n\n\n -v-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 6 of 49 Document 80\n\f Page\n\n\nIn re Vivendi Universal, S.A. Sec. Litig.,\n 765 F. Supp. 2d 512 (S.D.N.Y. 2011)......................................................................................16\n\nInstitutional Invs. Grp. v. Avaya, Inc.,\n 564 F.3d 242 (3d Cir. 2009).....................................................................................................31\n\nJones v. Corus Bankshares, Inc.,\n 701 F. Supp. 2d 1014 (N.D. Ill. 2010) .....................................................................................32\n\nKelsey v. Allin,\n 2016 WL 825236 (N. D. Ill. Mar. 2, 2016) ..............................................................................23\n\nKhoja v. Orexigen Therapeutics, Inc.,\n 899 F.3d 988 (9th Cir. 2018) ...................................................................................................16\n\nLindelow v. Hill,\n 2001 WL 830956 (N.D. Ill. July 20, 2001) ..............................................................................34\n\nLitwin v. Blackstone Grp., L.P.,\n 634 F.3d 706 (2d Cir. 2011).....................................................................................................21\n\nMacovski v. Groupon, Inc.,\n 553 F. Supp. 3d 460 (N.D. Ill. 2021) .......................................................................................39\n\nMakor Issues & Rts., Ltd. V. Tellabs, Inc.,\n 437 F.3d 588 (7th Cir. 2006) ...................................................................................................33\n\nMakor Issues & Rts., Ltd. v. Tellabs Inc.,\n 513 F.3d 702 (7th Cir. 2008) .......................................................................................16, 24, 34\n\nMarks v. CDW Comput. Ctrs, Inc.,\n 122 F.3d 363 (7th Cir. 1997) ...................................................................................................17\n\nNorfolk Cnty. Ret. Sys. v. Ustian,\n 2009 WL 2386156 (N.D. Ill. July 28, 2009) ......................................................................37, 38\n\nPierrelouis v. Gogo, Inc.,\n 2021 WL 1608342 (N.D. Ill. Apr. 26, 2021) ................................................................... passim\n\nPirelli Armstrong Tire Corp. Retiree Med. Benefits Tr. v. Walgreen Co.,\n 631 F.3d 436 (7th Cir. 2011) ...................................................................................................30\n\nPlumbers & Pipefitters Loc. Union No. 630 Pension-Annuity Tr. Fund v.\n Allscripts-Misys Healthcare Sols., Inc.,\n 778 F. Supp. 2d 858 (N.D. Ill. 2011) .......................................................................................22\n\n - vi -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 7 of 49 Document 80\n\f Page\n\n\nPlumbers, Pipefitters & MES Loc. Union No. 392 Pension Fund v.\n Fairfax Fin. Holdings Ltd.,\n 886 F. Supp. 2d 328 (S.D.N.Y. 2012)......................................................................................39\n\nPub. Emps.\u2019 Ret. Sys. of Miss. v. TreeHouse Foods, Inc.,\n 2018 WL 844420 (N.D. Ill. Feb. 12, 2018) .............................................................................20\n\nRoss v. Career Educ. Corp.,\n 2012 WL 5363431 (N.D. Ill. Oct. 30, 2012)..........................................................18, 22, 32, 36\n\nS. Ferry LP #2 v. Killinger,\n 687 F. Supp. 2d 1248 (W.D. Wash. 2009) ...............................................................................33\n\nSchleicher v. Wendt,\n 529 F. Supp. 2d 959 (S.D. Ind. 2007) ......................................................................................32\n\nSEC v. Ustian,\n 229 F. Supp. 3d 739 (N.D. Ill. 2017) .......................................................................................19\n\nShah v. Zimmer Biomet Holdings, Inc.,\n 348 F. Supp. 3d 821 (N.D. Ind. 2018) .....................................................................................17\n\nShenwick v. Twitter, Inc.,\n 282 F. Supp. 3d 1115 (N.D. Cal. 2017) ...............................................................................1, 26\n\nSwanson v. Interface, Inc.,\n 2022 WL 2003990 (S.D.N.Y. June 6, 2022) ...........................................................................21\n\nTellabs Inc. v. Makor Issues & Rts., Ltd.,\n 551 U.S. 308 (2007) .....................................................................................................27, 28, 32\n\nThomas v. Magnachip Semiconductor Corp.,\n 167 F. Supp. 3d 1029 (N.D. Cal. 2016) ...................................................................................31\n\nVoit v. Wonderware Corp.,\n 977 F. Supp. 363 (E.D. Pa. Sept. 8, 1997) ...............................................................................25\n\nWashtenaw Cnty. Emps.\u2019 Ret. Sys. v. Walgreen Co.,\n 2019 WL 4597518 (N.D. Ill. Sept. 23, 2019) ..........................................................................38\n\nSTATUTES, RULES, AND REGULATIONS\n\n15 U.S.C.\n \u00a778j(b) ......................................................................................................................................40\n \u00a72064(b)(3) ........................................................................................................................11, 15\n\n - vii -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 8 of 49 Document 80\n\f Plaintiffs respectfully submit this opposition to Defendants\u2019 Motion to Dismiss the Amended\n\nConsolidated Complaint (ECF 74) (\u201cMTD\u201d), and Defendants\u2019 Motion for Consideration of\n\nDocuments (ECF 77) (\u201cMFC\u201d).1\n\nI. INTRODUCTION\n\n The motion to dismiss should be denied because the AC addresses the reasons for the prior\n\ndismissal. The AC adds allegations and clarifies the claims to address shortcomings described in the\n\nOrder, while also shortening its length. First, the Court dismissed statements concealing a decline in\n\ngenerator demand because it held demand is not measurable. Order at 16-17, 31. The AC narrows\n\nthe statements to those that concealed close rates had declined by as much as 40%, which is\n\nindisputably a measurable fact. \u00b655. Indeed, Defendant Jagdfeld received a daily \u201cdashboard\u201d \u2013\n\nevery morning at 7:00 a.m. \u2013 that detailed close rates from the prior day. \u00b648. Before the Class\n\nPeriod, when close rates were improving, Defendants reported a trio of interrelated sales metrics:\n\nclose rates, consultations, and dealer orders. \u00b6\u00b649-52. Defendants did so because, as Defendant\n\nJagdfeld said, \u201cyou have to take into consideration where our close rate is\u201d at in assessing\n\nconsultations, because \u201c[t]hat\u2019s part of the equation.\u201d \u00b6\u00b65, 67, 203. Yet, when close rates declined,\n\nDefendants continued to tout increased consultations and dealer orders, but concealed the decline in\n\nclose rates, which misled the market into believing (and analysts reporting) that close rates had also\n\nincreased. \u00b6\u00b660-69. Disclosing positive metrics while concealing interrelated negative metrics is a\n\nmisleading half-truth that the securities laws prohibit. See, e.g., Shenwick v. Twitter, Inc., 282 F.\n\nSupp. 3d 1115, 1136-1137 (N.D. Cal. 2017) (holding disclosures of positive metrics were misleading\n\nfor omitting related \u201cflat or declining\u201d metric).\n\n1\n Citations to \u201c\u00b6__\u201d and \u201c\u00b6\u00b6__\u201d refer to paragraphs in the Amended Consolidated Complaint\nfor Violations of the Federal Securities Laws (ECF 66) (\u201cAC\u201d). \u201cOrder\u201d refers to this Court\u2019s prior\norder (ECF 63), dismissing the Consolidated Complaint for Violations of the Federal Securities\nLaws (ECF 42) (\u201cCC\u201d). Unless otherwise indicated, emphasis is added, internal citations are\nomitted, and capitalized terms shall have the same meaning as set forth in the AC.\n\n -1-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 9 of 49 Document 80\n\f Second, as to the solar product defect, the Court (Order at 26-27) and now Defendants (MTD\n\nat 28-29) relied heavily upon a decision in Pierrelouis v. Gogo, Inc., which found allegations that a\n\nproduct defect existed in \u201cNovember or December 2017\u201d were insufficient to establish falsity or\n\nscienter for statements made earlier in February 2017. 414 F. Supp. 3d 1164, 1173 (N.D. Ill. 2019)\n\n(\u201cGogo I\u201d). However, in an amended complaint, the Gogo plaintiffs clarified that the problem was\n\naffecting \u201c12%\u201d of products by February 2017, and the court held this was of sufficient magnitude to\n\nsupport falsity and scienter, and denied the motion to dismiss. Pierrelouis v. Gogo, Inc., 2021 WL\n\n1608342, at *6-*9 (N.D. Ill. Apr. 26, 2021) (\u201cGogo II\u201d).\n\n Here, Plaintiffs made similar amendments. The AC adds allegations that the Company\n\nreported the defect as a significant problem to the CPSC in November 2021 (\u00b688) and removes\n\nalleged misleading statements before that time (compare \u00b698 with CC at \u00b6109). That combines with\n\nthe allegations that the defect impacted nearly 50% of products, the defect began \u201cshortly after\n\nlaunch\u201d in 2019, it was reported to Generac leadership by mid-2021, the Company was working on a\n\nsolution to \u201cfix\u201d the defect by August 2021, an attempted fix resulted in massive shutdowns starting\n\nin late 2021, and the Company agreed to indemnify its largest dealer over the problem in December\n\n2021. \u00b6\u00b679-95. Thus, like Gogo II, it is clear the defect was sufficiently widespread at the time of\n\nthe remaining alleged misleading statements in February through August of 2022.\n\n Third, the primary reason the Court dismissed both the second category of false statements\n\n(solar product defect) and the third category (solar sales concentration) was its holding that no\n\nreasonable investor could find those matters important because solar sales were too small. See Order\n\nat 30 (\u201cDefendants failed to disclose their concentration of solar sales through Pink Energy because\n\nit was of little consequence.\u201d); see also MTD at 20-21. Respectfully, that was contrary to the alleged\n\nstock declines, bank analyst findings, and Defendants\u2019 admissions. See infra \u00a7III.B.1.\n\n\n\n -2-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 10 of 49 Document 80\n\f Plaintiffs alleged the stock declined after disclosure of the concealed solar facts (defects and\n\nsales concentration) and cited cases supporting such declines establish materiality. ECF 52 at 26.\n\nHowever, the Court inferred that the actual reason the stock declined was because \u201cGenerac\u2019s stock\n\nprice skyrocketed during the COVID-19 pandemic,\u201d but \u201c[a]s the pandemic waned\u201d it \u201cled investors\n\nto abandon the company, and Generac\u2019s stock price fell.\u201d Order at 30-31. That conclusion was\n\nunsupported by facts or expert evidence and contradicted the Court\u2019s acknowledgment that \u201cno\n\nreasonable investor would have believed that the surge in demand from the pandemic would\n\ncontinue indefinitely.\u201d Id. at 19. That the pandemic would not continue indefinitely was baked into\n\nthe stock price, so it could not have been the unexpected surprise that caused the stock drop. See\n\nBasic Inc. v. Levinson, 485 U.S. 224, 247 (1988) (holding \u201cmost publicly available information is\n\nreflected in market price\u201d).\n\n Rather than \u201cspeculation\u201d (Order at 2), the investment banks, whose job it was to report on\n\nsuch matters, confirmed the solar sales concentration and defect were unknown and important facts\n\nthat warranted lowering Generac\u2019s target stock price, for example:\n\n \uf0b7 William Blair stated: \u201cManagement has consistently indicated Generac works with\n many distributors in the solar and energy storage market\u201d and \u201ccertified over 2,000\n dealers . . . [so] [w]e believe it will come as a surprise to many investors that Pink\n Energy likely accounted for more than half of Generac\u2019s solar/energy sales\u201d (\u00b6186),\n \u201c[t]he realization of customer concentration makes it clear that Generac has not been\n as successful as we believed at attracting distribution partners in the solar market,\n and recent quality issues will make building that distribution even more challenging\u201d\n (\u00b6188), \u201c[t]hese realizations regarding clean energy hurt management\u2019s credibility,\n given there was no indication Generac had material customer concentration in this\n business\u201d (id.), and \u201c[w]e now also believe the quality issues Generac has been\n experiencing with solar components, particularly a rapid shutdown device called the\n SnapRS, are severe enough that the company\u2019s reputation in the solar industry has\n been damaged\u201d (id.).\n\n \uf0b7 Roth Capital cut its stock price guidance by 75%, reporting that: \u201c[m]anagement\n gave us a double whammy yesterday with its HSB business weak through mid-2023\n and the clean energy business warranty expense/bad debt,\u201d adding that \u201csome dealers\n are suggesting there may be a need for a national recall.\u201d \u00b6171.\n\n\n -3-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 11 of 49 Document 80\n\f \uf0b7 Bank of America issued a report titled: \u201cThe Other Shoe (Clean Energy) Drops,\u201d\n reporting that Generac \u201cis facing greater challenges with its clean energy segment\n than we previously understood\u201d with \u201cproduct quality issues and a lost major\n customer.\u201d \u00b6\u00b6184-185.\n\n \uf0b7 JP Morgan cut its stock price target by 50%, citing the \u201celevated channel inventory\u201d\n for generators and also the \u201cone-time charges related to the bankruptcy of a material\n customer for the nascent clean power business.\u201d \u00b6172.\n\n \uf0b7 Morningstar described the Pink Energy and solar defect issues as \u201ca setback in\n Generac\u2019s efforts to prove itself within the clean energy market.\u201d \u00b6174.\n\nThose assessments show that the solar defect and sales concentration had been concealed and that\n\ntheir revelation caused stock declines, which establish their materiality.\n\n Indeed, the investment banks recognized solar was key to Generac\u2019s future, as materiality is\n\nalso based on a qualitative assessment. Here, clean energy was expected to grow to equal the\n\nrevenues of generators and reduce the Company\u2019s dependence upon weather events to spur growth\n\n(\u00b6\u00b625-27, 31); clean energy was projected to account for $500 million of revenue (roughly 12% of\n\ntotal sales) in 2022 before the loss of Pink Energy (\u00b6\u00b6160, 178-179); and Defendants repeatedly\n\nemphasized and separately reported solar results (\u00b6\u00b6197, 199-200, 214). Even Defendants admitted\n\nthat Pink Energy represented \u201cthe loss of a major customer\u201d that \u201cnegatively impacted\u201d solar and\n\n\u201churts us definitely in the year,\u201d and that \u201cdiversification of our customer base\u201d was something \u201cwe\n\nshould have been doing all along.\u201d \u00b6\u00b6178-181. In addition, the AC adds financial literature\n\nexplaining that customer concentration increases investment risk and diversification is important to\n\ninvestors. \u00b6\u00b6112-113. At this stage, the allegations are sufficient to establish materiality. See, e.g.,\n\nAllison v. Oak St. Health, Inc., 2023 WL 1928119, at *8 (N.D. Ill. Feb. 10, 2023) (holding\n\nmateriality is a fact intensive issue that is \u201c\u2018rarely appropriate at the summary judgment stage, let\n\nalone on a motion to dismiss\u2019\u201d). The motion should be denied.\n\nII. THE AC ALLEGATIONS\n\n The AC addresses the issues raised by the Order and sufficiently pleads securities fraud.\n\n -4-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 12 of 49 Document 80\n\f A. Defendants Concealed that Close Rates Declined\n\n Close rates are a critical metric that allow Defendants and investors to assess whether\n\nincreased consultations and dealer orders are resulting in actual end-customer contracts, rather than\n\nincreased dealer inventory. \u00b6\u00b646-52. After close rates were disclosed as increasing with the other\n\nmetrics for years, they declined and dealer inventories reached \u201cdouble\u201d healthy levels during the\n\nClass Period, which led to orders declining. See \u00b6\u00b654-59, 177, 184. Yet, Defendants kept touting\n\nthe interrelated positive metrics as increasing while concealing the declining close rates. \u00b6\u00b661-68.\n\nThat was misleading.\n\n 1. Defendants\u2019 Close Monitoring and Reporting of Close Rates\n\n Defendants have closely monitored close rates since at least 2012 and continued to do so\n\nthrough 2023. See \u00b6\u00b647-50 (Defendant Jagdfeld stating Generac received \u201cspecific close rates\u201d on a\n\n\u201cdealer by dealer\u201d basis and that in 2017, \u201cimproving close rates\u201d was \u201ca really big focus area\u201d and\n\n\u201cwe\u2019ve adjusted some of our programs this year to reflect the importance of close rate in the\n\nrankings of residential dealers\u201d). In November 2023, Defendant Jagdfeld reiterated that HSB \u201cis the\n\nchannel that we can measure close rates\u201d with \u201creally good visibility . . . by dealer, by product, by\n\nregion.\u201d \u00b649. Defendant Jagdfeld has stressed the importance of close rates to Generac\u2019s financial\n\nhealth, stating that \u201cif we could just see even a slight improvement in close rates, it\u2019s a material\n\nimpact.\u201d \u00b650. He emphasized that an improvement in close rates would \u201chave a nice impact on\n\noverall home stand-by demand,\u201d adding \u201cthat\u2019s really the game for us, and our focus is that end of\n\nthe market.\u201d Id.\n\n Defendants also historically disclosed improvements in close rates to investors and analysts.\n\n\u00b6\u00b651-52 (citing disclosures back to October 2013). For example, on May 4, 2016, Defendant\n\nJagdfeld reported that generator \u201cclose rate has actually improved a bit,\u201d which provided\n\nmanagement confidence \u201caround our guidance here for the balance of the year.\u201d \u00b651. On August 1,\n\n -5-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 13 of 49 Document 80\n\f2019, Defendant Jagdfeld said in addition to \u201cin-home consultations continu[ing] to be robust in the\n\nquarter. . . . our close rates have been trending higher for the last several years and hit an all-time\n\nhigh in the second quarter.\u201d \u00b652. Analysts took note, with Oppenheimer reporting that \u201c[r]ecord\n\ndealer levels, close rate and lead generation trends drive standby growth.\u201d Id.\n\n Again, on September 4, 2019, Defendant Jagdfeld reported close rates had \u201cimproved by\n\n50%\u201d since 2014 and close rates are a \u201creally important metric[].\u201d Id. He added that \u201cimprovements\n\nin close rates and reducing cost of IHCs have some really meaningful impacts on the business.\u201d Id.\n\nOn October 31, 2019, Defendant Jagdfeld further emphasized the interrelation between consultations\n\nand close rates, stating \u201cwe look at that [the IHC numbers] and we look at our close rates and that\n\ntranslates really well to strong demand in the \u2013 over the next several quarters.\u201d Id. During the\n\npandemic, Generac shifted to virtual consultations and, on May 15, 2020, Defendant Jagdfeld\n\nreported that close rates for \u201cvirtual home consultations were similar to in home consultations\u201d and\n\nsaid \u201cwe\u2019re going to continue to watch it, obviously.\u201d Id. On July 30, 2020, Defendant Jagdfeld\n\nconfirmed that \u201coverall close rates have actually remained consistent with historical trends.\u201d Id. In\n\nshort, leading up to the Class Period, Defendants assured investors that the interrelated metrics of\n\nconsultations and close rates were moving in the same direction (i.e., they were improving).\n\n However, in late 2020, close rates began declining. \u00b6\u00b654-55. By July 2021, close rates had\n\ndeclined sharply for several quarters, reaching the Company\u2019s lowest level in more than three years.\n\nId. That decline continued through Q1 2022 when close rates \u201cbottomed out\u201d with an overall 40%\n\ndecline from their peak. \u00b6\u00b654-59, 207. Close rates remained at the drastically declined (and near\n\nbottomed-out levels) through May 2022. \u00b6\u00b654-55. While close rates increased slightly in the last\n\nmonths of the Class Period, they were still far short of the touted increases in 2019 and 2020 and\n\nremained around early 2018 levels. Id.\n\n\n\n -6-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 14 of 49 Document 80\n\f As dealer orders continued to increase but close rates declined, dealer inventories swelled.\n\n\u00b6\u00b657-59, 177. In essence, many of the Company\u2019s reported sales involved just moving inventory\n\nfrom Generac\u2019s warehouse to dealer warehouses, which was very different than shipping products to\n\nmeet a continuing high volume of end-customer sales. \u00b6\u00b657-59. Defendants were aware of the\n\nincreased inventories, which reached \u201cdouble\u201d healthy levels, and had been discussing them with\n\ndealers \u201cfor several quarters\u201d prior to November 2022. \u00b6\u00b659, 177.\n\n 2. Defendants\u2019 Materially Misleading Statements\n\n Rather than disclose the declining close rates or even remain silent about the three\n\ninterrelated sales metrics, Defendants made a decision to continue to tout positive increases in\n\nconsultations and dealer orders without revealing the negative decrease in close rates. By the time of\n\nthe first alleged misleading statement on July 28, 2021, close rates had been declining for nine\n\nmonths (\u00b6\u00b654-55), yet, Defendant Jagdfeld falsely and misleadingly stated \u201cthese key demand\n\nmetrics for home standby have continued to trend even higher . . . including home consultations\n\nincreasing at a strong double-digit rate.\u201d \u00b661(b). This statement was false because close rates were\n\na \u201ckey demand metric\u201d and, according to Defendant Jagdfeld, \u201creally the game for us,\u201d but close\n\nrates had, in fact, substantially declined. \u00b6\u00b647-55, 62.\n\n Defendant Jagdfeld also made the following misleading statements: \u201cwe\u2019ve been\n\nexperiencing higher incoming order rates\u201d (\u00b661(c)); and \u201chome consultations or sales leads for\n\nhome standby generators . . . increased approximately 50%\u201d (\u00b661(a); see also \u00b661(d) (similar)).\n\nThese statements created a misleading impression that close rates were also increasing and dealer\n\ninventories were not swelling because they concealed that close rates had declined and were no\n\nlonger moving in the same direction as consultations and dealer orders, as previously reported.\n\n\u00b6\u00b647-55, 62. Then, in November 2021, after close rates had declined for a year, Defendant Jagdfeld\n\nstated, \u201cdemand has been continuing just to be off the charts\u201d based on \u201ceverything from our leading\n\n -7-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 15 of 49 Document 80\n\findicators like I[H]Cs to our lagging indicators like activations and then obviously, the incoming\n\norders.\u201d \u00b663. That statement was false because close rates were a key demand indicator, but they\n\nhad substantially declined. \u00b6\u00b647-55, 64.\n\n After close rates had declined to their lowest levels (\u201cbottomed\u201d out to a 40% drop) in early\n\n2022 (\u00b6\u00b654-55, 207), Defendants made the following false and misleading statements in May 2022:\n\n \uf0b7 Defendant Jagdfeld said \u201chome consultations during the first quarter were nearly 3x\n higher than the levels seen\u201d in the prior year \u201creinforcing our view that demand . . .\n has once again achieved and held a new and higher baseline level.\u201d \u00b667(a).\n\n \uf0b7 Defendant Jagdfeld responded to a question about \u201chow elastic demand is for\n standby\u201d generators with respect to pricing by stating, \u201cwe\u2019re able to look at the\n close rates that we\u2019re seeing, and . . . we\u2019re not seeing any significant impact on\n pricing.\u201d \u00b667(b).\n\n \uf0b7 When asked whether \u201chome consultations being 3x above 2020 level\u201d should be\n thought about as \u201cthe \u2018normalized\u2019 baseline level,\u201d Defendant Jagdfeld responded,\n \u201cyou\u2019d have to take into consideration where our close rate is at. That\u2019s a part of\n that equation.\u201d \u00b667(e).\n\n \uf0b7 Defendant Ragen said \u201cthere\u2019s buyers for those units that are in the field [i.e., dealer\n inventory].\u201d \u00b667(d).\n\n \uf0b7 Defendant Jagdfeld added that \u201c[b]ased on the IHC volume, we think the demand is\n there to support what we\u2019re seeing in the field in terms of inventory.\u201d \u00b667(d).\n\n \uf0b7 When directly asked if dealer inventories were high, Defendant Jagdfeld\n misleadingly claimed they were only \u201ca little at the high end of where they\u2019ve been\n historically\u201d and then, rather than acknowledge declining close rates, falsely blamed\n seasonality from \u201ccoming out of the winter season.\u201d \u00b667(c).\n\n Again, these statements continued to misrepresent the sales metrics as universally positive.\n\nSee also \u00b6\u00b665(a)-(c) (alleging similar statements in February 2022 as close rates had bottomed out).\n\nWhile consultations were 300% to 400% higher, Generac was converting far less of those\n\nconsultations to end-customer sales as the close rates, which Defendants admitted \u201chave to [be]\n\ntake[n] into consideration\u201d with the other metrics (\u00b667(e)), had declined 40% and were below pre-\n\npandemic levels. \u00b6\u00b654-55. Similarly, it was not true that there were \u201cbuyers\u201d for the generators\n\nsitting in dealer inventories because Defendants knew close rates had declined and had been\n -8-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 16 of 49 Document 80\n\fdiscussing the inflated inventories with dealers for \u201cseveral quarters\u201d before November 2022.\n\n\u00b6\u00b6177, 203-207. As such, the order increases did not have correlating end-customer sales, causing\n\ninflated field inventories that were not just \u201ca little high\u201d from seasonality but were \u201cdouble\u201d healthy\n\nlevels from declined end customer orders. See id.\n\n 3. Defendants\u2019 Admissions and Investor Reaction\n\n It is clear that these statements misled investors into believing the trio of metrics had\n\nincreased significantly, resulting in correlating end-market sales, because even though Defendants\n\nstopped reporting close rates, in February 2022, Oppenheimer stated that the Company\u2019s \u201c[r]ecord\n\ndealer levels, close rate and lead generation trends [i.e., consultations]\u201d drove generator growth.\n\n\u00b669. Similarly, J.P. Morgan reported after the misleading July 2021 statements that \u201cend-customer\n\n[HSB] demand remains at record levels,\u201d even though the specific metric to track \u201cend-customer\u201d\n\ndemand, close rates, had declined. Id. Similarly, after the May 2022 misleading statements, William\n\nBlair reported that, in order to gauge the impact of price increases on sales, \u201c[m]anagement examines\n\nclose rates\u201d and reported \u201cto date, there has been no significant impact,\u201d even though close rates had\n\ndeclined 40% and bottomed out. Id.\n\n The truth started to leak out in a series of disclosures from November 2021 through June\n\n2022, as the risks of the declining close rates partially materialized in negative Company results and\n\nanalysts began reporting on dealer \u201cchecks\u201d and other information indicating fewer end-customer\n\ncontracts. See \u00b6\u00b6138-149. Then, in August 2022, Defendant Jagdfeld further implied that close rates\n\nhad declined by saying \u201cclose rates on our sales leads have begun to improve\u201d and they were \u201cseeing\n\nimproved close rates off of IHCs.\u201d \u00b6153. In September 2022, the consequences of declining close\n\nrates, including inflated dealer inventories, continued to leak, with Bank of America reporting that\n\n\u201cDealers admit to significant pre-orders in 2021.\u201d \u00b6162. On October 6, 2022, Bank of America\n\nfurther reported on how declining close rates materialized in the sales chain, reporting on sales\n\n -9-\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 17 of 49 Document 80\n\f\u201cerosion from backlog cancellations,\u201d \u201cgrowing concerns on order cancellation,\u201d and that there was\n\n\u201c[s]tepping down underlying demand\u201d for generators. \u00b6\u00b657, 166.\n\n Then, later, in October 2022, Defendant Jagdfeld disclosed disappointing generator sales\n\nwhich he attributed to \u201c\u2018higher field inventory levels and lower home standby generator orders.\u2019\u201d\n\n\u00b6169. Cowen confirmed investors had been unaware of the declining close rates and increased\n\ndealer inventories, stating \u201c[w]e didn\u2019t appreciate the magnitude of the inventory build\u201d for\n\ngenerators, and J.P. Morgan cut its stock price target by more than 50% due to \u201celevated channel\n\ninventory,\u201d among other reasons. \u00b6172.\n\n Finally, in November 2022, Defendant Jagdfeld belatedly admitted to knowing of the issue\n\nbefore its disclosure, stating, \u201cwe could see field inventory building\u201d and \u201chad been talking to our\n\nchannel partners for several quarters about this coming,\u201d adding that dealers \u201cphysically started to\n\nrun out of room\u201d as \u201cfield inventory levels are about double where they should be.\u201d \u00b6177. He added\n\nthat Generac had been trying to reduce order lead times \u201cbecause we knew that, that was having a\n\nnegative impact on close rates.\u201d Id.\n\n B. Defendants Concealed the Widespread Solar Defect\n\n Despite Generac working on three attempted nationwide fixes for the widespread solar\n\nproduct failures (\u00b6\u00b686, 89, 93, 100), Defendants concealed the problem from investors (\u00b6\u00b697-109).\n\n 1. The Defect Was Widespread, Affecting 50% of Products\n\n Generac began selling solar products in 2019. \u00b6\u00b628, 114-116. The products contained a\n\nSnapRS device that suffered from a defect that caused it to repeatedly toggle on and off, resulting in\n\noverheating and melting. \u00b677. These \u201cproduct challenges [had] ensued shortly after launch\u201d in\n\n2019. \u00b681. By early 2021, Generac\u2019s largest solar dealer (Pink Energy) noticed that the \u201cSnapRS\n\ndevices began to fail en masse.\u201d \u00b679. Pink Energy informed Generac of melted SnapRS devices and\n\nprovided photographs. \u00b6\u00b678-79. Pink Energy began to replace \u201ctens of thousands of these units\n\n - 10 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 18 of 49 Document 80\n\fwhile Generac developed a firmware update that was supposed to be a permanent fix.\u201d \u00b679. By\n\nsummer 2021, \u201cother solar installers using these same Generac products were [also] experiencing\n\nhigh rates of failure . . . and were noticing signs of heat deformation in the SnapRS units.\u201d \u00b680.\n\n Generac told Pink Energy it would have a fix by August 2021. \u00b686. That month, the defect\n\ncaused two residential house fires. \u00b6\u00b683-86. In emails and calls the same month, members of\n\nGenerac\u2019s senior leadership, including the Vice President of Engineering and a regional Director of\n\nSales, acknowledged that Generac was aware of the fires and that SnapRS units were overheating\n\nand \u201cbulging\u201d or \u201cbubbl[ing] out\u201d as a result of turning on and off repeatedly instead of correctly\n\nstaying in the on or off position. \u00b6\u00b683-87. While there were only two fires, the defect, and resulting\n\nloss of power and customer complaints, were widespread. E.g., \u00b6\u00b680-84, 96. In fact, rather than\n\ninstructing Pink Energy to just replace the few bad units with new devices, Generac\u2019s executives told\n\nPink Energy they had already been working on and testing a fix. \u00b6\u00b684-87. The \u201cfix\u201d was a firmware\n\nupdate that would turn overactive units off, but this \u201cfix\u201d did not work and there was a drastic spike\n\nin customer complaints due to reduced energy production. \u00b6\u00b691-92.\n\n Generac started working on a complete replacement of the device, an updated SnapRS, which\n\nit developed in late 2021. \u00b693. On November 23, 2021, Generac submitted a report notifying the\n\nCPSC of a \u201cpotential defect\u201d in SnapRS 801 devices. \u00b688. Notably, such a report was only required\n\nwhen a manufacturer \u201cobtains information which reasonably supports the conclusion that [its]\n\nproduct contains a defect which could create a substantial product hazard.\u201d 15 U.S.C. \u00a72064(b)(3).\n\n In December 2021, Generac agreed to provide full indemnification for the defect to Pink\n\nEnergy, which applied retroactively. \u00b695. Following the failed fix in late 2021, Pink Energy\n\ncustomer complaints increased by approximately 3,650%, from 800 per month to as high as 30,000\n\nper month. \u00b696. By in or around April 2022, Generac had developed the SnapRS 802 device (a\n\nthird attempted fix) and initiated the \u201cSnapRS Replacement Program,\u201d which has (so far) resulted in\n\n - 11 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 19 of 49 Document 80\n\fthe replacement of over half a million SnapRS 801 and 801A devices in the field. \u00b6100. In June\n\n2022, Defendant Jagdfeld said the firmware update was never intended as a complete fix but only a\n\nway to avoid fires until a new SnapRS device could be made (\u00b692 n.24) and Generac admitted to\n\nPink Energy there was a nearly 50% failure rate (\u00b696).\n\n 2. Defendants\u2019 Materially Misleading Statements\n\n While Generac acknowledged the SnapRS defect and substantial risks to Pink Energy and the\n\nCPSC, Defendants concealed the defect and attendant risks from investors by making the same,\n\nunchanged, boilerplate warnings in its SEC filings. In February 2022, Defendants Jagdfeld and\n\nRagen signed the 2021 Form 10-K that only identified potential risks that \u201cour existing products,\n\nmay have technical failures\u201d and \u201cmay not be well accepted by our customers\u201d and of the potential\n\n\u201cincrease in product and other liability claims or recalls,\u201d adding that \u201c[s]hould one or more of\n\nthese risks or uncertainties materialize\u201d it \u201ccould affect our actual financial results.\u201d \u00b698(a)-(c); see\n\nalso \u00b6\u00b6104, 106 (similar alleged misleading statements in May and August 2022). Notably, those\n\nwarnings were substantially the same as in 2019 and were not updated. \u00b698(a)-(c). And, at the same\n\ntime, Generac\u2019s website assured that the SnapRS was \u201cSAFE\u201d and \u201crapid shutdown compliant\u201d even\n\nthough it was not. \u00b6\u00b6108-109.\n\n In April 2022, Defendant Jagdfeld issued a report stating, \u201cGenerac maintains a robust\n\nproduct safety function that is involved in all aspects of product design and production\u201d in an effort\n\n\u201cto ensure that our products meet all applicable . . . safety standards, including those issued by the\n\nConsumer Product Safety Commission,\u201d and \u201c[w]e also regularly perform . . . testing to maximize\n\nthe quality and value of our products.\u201d \u00b6101. These statements contributed to the false impression\n\nthat Generac\u2019s solar products were safe and rapid shutdown compliant even though the Company\n\nwas aware of the widespread defect and had reported it to the CPSC.\n\n\n\n - 12 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 20 of 49 Document 80\n\f C. Defendants Concealed Solar Customer Concentration\n\n Over half of Generac\u2019s solar sales were concentrated in just one dealer, Pink Energy, which\n\naccounted for more sales than all other roughly 2,800 reported solar dealers combined. \u00b6\u00b6119, 186.\n\nYet, Defendants never disclosed this concentration risk during the Class Period. \u00b6\u00b6120-134.\n\n 1. The Solar Product Business Was Critical to Generac\u2019s Value\n\n Unlike Generac\u2019s HSB business, Generac\u2019s expansion into solar provided a revenue stream\n\nnot dependent upon bad weather. \u00b6\u00b625-28, 31. Solar was critical to analysts and investors as it\n\nrepresented the future, not the past, and was expected to grow to \u201cbe as large as HSB.\u201d \u00b6\u00b631, 110,\n\n135. Because it was so important, Defendants repeatedly reported on, and analysts asked about,\n\nsolar sales during the Class Period. \u00b6\u00b631, 43, 71-72, 124, 130, 197, 199-201.\n\n 2. Customer Concentration Is Material to Investors\n\n The AC adds allegations that it is a well-understood investment concept that concentration\n\nincreases, and diversification reduces, investment risk. \u00b6\u00b6112-113. Investing a retirement account in\n\na single stock is much riskier than holding a diversified group of stocks. \u00b6112. Similarly, it is riskier\n\nto invest in a business whose sales are concentrated in one or few customers because the loss of that\n\ncustomer (or customers) could be catastrophic. \u00b6\u00b6112-113, 120. Defendants knew diversification\n\nwas important to investors, specifically reporting in SEC filings that no dealer accounted for more\n\nthan 6% of total sales. \u00b6113. In addition, Defendants reported having approximately 7,000\n\ngenerator dealers and 2,000 solar dealers, and repeatedly emphasized dealer growth. \u00b6\u00b6122-133.\n\nIndeed, Defendant Ragen told analysts that Generac needed \u201cvery broad channels of distribution\u201d for\n\na successful entry into solar. \u00b6116.\n\n 3. Defendants\u2019 Materially Misleading Statements\n\n Defendants did not disclose that one customer, Pink Energy, accounted for more than 50% of\n\nsolar sales. \u00b6\u00b6119-121, 186-188. Instead, Defendants created a misleading impression that solar\n\n\n - 13 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 21 of 49 Document 80\n\fsales were diversified by touting that: (1) \u201cno single customer provid[ed] more than 6% of [total]\n\nsales in 2021\u201d (\u00b6129(a)); (2) Generac was mitigating risk through \u201cexpanded distribution\u201d\n\n(\u00b6\u00b6123(b), 125, 127, 129(b), 131, 133); and (3) total solar dealers exceeded 2,000, supporting growth\n\n(\u00b6\u00b6122, 124, 126, 128, 130, 132). For example, Defendant Jagdfeld stated that Generac had \u201csuccess\n\nfurther building out our [solar] installer network as we\u2019ve trained and certified approximately 2,000\n\ndealers\u201d (\u00b6122); Defendant Jagdfeld claimed that \u201c[s]upporting [the solar business\u2019s] rapid growth\n\n[wa]s the continued build-out of our installer network as we ended the first quarter with more than\n\n2,600 trained and certified dealers\u201d (\u00b6130(a)); and Defendant Ragen emphasized that \u201c[s]hipments\n\nof PWRcell energy storage systems also grew at a significant rate . . . as we expand our distribution\n\nnetwork for our Clean Energy solutions\u201d (\u00b6130(b)).2\n\n 4. Admissions and Investor Reaction to the Solar Disclosures\n\n Investors began to learn about the widespread SnapRS defect and undisclosed solar sales\n\nconcentration, and Generac\u2019s stock price declined, through a series of disclosures, including that the\n\nSnapRS defect caused Pink Energy to go bankrupt and Generac\u2019s solar sales and guidance crashed\n\nfrom the materialization of this risk. See \u00b6\u00b6150-152, 161-165, 168-170, 178-188. Losing 1 out of\n\n2,800 dealers should not have mattered, but losing Pink Energy contributed to Generac reducing its\n\nsolar guidance by 53% (from an estimated $350 million to $165 million). \u00b6\u00b6178-181, 186-188.\n\n In August 2022, Pink Energy filed its lawsuit against Generac, alleging harm from the\n\nSnapRS defect. \u00b6\u00b6150-151. On September 22, 2022, media reported that Pink Energy was shutting\n\ndown from the financial difficulties caused by the SnapRS defect. \u00b6164. On October 19, 2022,\n\nGenerac issued a release reporting a 56% decline in net income, a $37 million warranty charge\n\n\n2\n Defendants incorrectly claim these statements related to total dealers (MTD at 26), but they\nspecifically refer to the clean energy (solar) segment, the clean energy sales platform (\u201cPowerPlay\nCE [Clean Energy]\u201d), or refer to the over 2,000 solar dealers \u2013 not the over 7,000 total dealers \u2013 and\nanalysts understood the statements related to solar dealers. \u00b6\u00b6114, 118, 122 & n.33, 128 & n.34.\n\n - 14 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 22 of 49 Document 80\n\frelated to defective SnapRS units, and a 40% reduction to sales guidance and analysts thereafter\n\ncommented on both the defect and loss of a \u201cmaterial customer\u201d in the solar business. \u00b6\u00b6168-169,\n\n171-172. In November 2022, Defendant Jagdfeld confirmed that the loss of Pink Energy and a solar\n\ndefect \u201cwarranty-related issue\u201d had required the substantial reduction in sales guidance for the year.\n\n\u00b6\u00b6176, 178-181. Defendant Jagdfeld also admitted \u201c[t]he majority of the market [loss] is related to\n\nthe loss of the customer. It was a really important customer for us.\u201d \u00b6181. Despite having touted\n\nthe diversified customer base of 2,800 dealers, Defendant Jagdfeld conceded over-concentration and\n\nclaimed that \u201cdiversification of our customer base is going to be the primary focus here going\n\nforward.\u201d Id. Investment banks reported that the solar defect and sales concentrations were\n\nunknown and the cause of significant stock declines. See supra \u00a7I; \u00b6\u00b6173-174, 180, 185-188.\n\nIII. ARGUMENT\n\n The AC makes clear that the concealed facts existed at the time of each false and misleading\n\nstatement, their omission rendered the statements made materially misleading, the totality of\n\nallegations support a strong inference of scienter, and the concealed facts caused the stock price to\n\ndecline. Thus, the motion to dismiss should be denied in its entirety.\n\n A. The AC Cures the Issues Raised in the Order\n\n In addition to dismissing the CC, the Court criticized its drafting as \u201cunnecessarily long and\n\nconvoluted,\u201d consisting of \u201cthrowing everything at the wall,\u201d and alleging \u201cvirtually every public\n\ndisclosure Defendants made\u201d as misleading. Order at 13-14. Such criticisms, which Defendants\n\nnow rely on in moving to dismiss the AC (MTD at 5), were unwarranted. The CC did not allege\n\n\u201cvirtually every public disclosure\u201d to be misleading, as the Company\u2019s SEC filings, conference calls,\n\nand website statements were several hundred pages long. See ECF 49 (defense counsel submitting\n\nmore than 600 pages of materials with their prior motion to dismiss). And, alleging similar\n\nstatements as false and misleading each time they were made is common and warranted, as each\n\n - 15 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 23 of 49 Document 80\n\fsupports an individual claim and they collectively determine the length of the Class Period and its\n\nmembers. See In re Vivendi Universal, S.A. Sec. Litig., 765 F. Supp. 2d 512, 524 (S.D.N.Y. 2011)\n\n(noting plaintiffs presented \u201cfifty-seven sets of statements\u201d to a jury). Moreover, courts hold that the\n\nmore Defendants speak on a topic, the stronger the inference of scienter. See infra \u00a7III.C.3(a).\n\n Securities law is complex, and the CC and AC are lengthy due to the need to provide\n\nsufficient context regarding the Company\u2019s business as well as background regarding accounting,\n\nfinancial, and economic matters, in addition to setting forth class certification and loss causation\n\nallegations, while also establishing the elements of falsity, materiality, and scienter.3 In any event,\n\nthe AC is shorter while also adding allegations to address the reasons for dismissal.\n\n B. The Complaint Alleges Materially False or Misleading Statements\n\n Even after the PSLRA, \u201cthe court must treat the pleaded facts as true and \u2018draw all\n\nreasonable inferences in favor of the plaintiff.\u2019\u201d Makor Issues & Rts., Ltd. v. Tellabs Inc., 513 F.3d\n\n702, 705 (7th Cir. 2008) (\u201cTellabs III\u201d). To the extent Defendants\u2019 Motion for Consideration seeks\n\nto have any exhibit considered for its truth or to argue their interpretation of documents (see MFC at\n\n2-5), it should be denied, as such exhibits can only be considered to show that, for example, certain\n\ndisclosures were made. See, e.g., In re Shopko Sec. Litig., 2002 WL 32003318, at *2 (E.D. Wis.\n\nNov. 5, 2002) (holding that where courts take judicial notice of SEC filings on a motion to dismiss,\n\n\u201cthey considered them only to determine what disclosures the defendants made\u201d).4 In short,\n\n\n3\n For example, another court upheld, without criticism, the most recent complaint filed by\nLead Counsel in this Circuit, which was of similar length and style as the CC. See Chow v. Archer-\nDaniels-Midland Co., 2025 WL 790854, at *1 (N.D. Ill. Mar. 12, 2025) (upholding 129 page\ncomplaint and supplement). Much longer securities complaints have been upheld without such\ncriticism as well. See, e.g., Hedick v. Kraft Heinz Co., 2021 WL 3566602 (N.D. Ill. Aug. 11, 2021)\n(224 page complaint); In re Valeant Pharms. Int\u2019l, Inc. Sec. Litig., 2017 WL 1658822 (D.N.J. Apr.\n28, 2017) (282 page complaint with over 200 misleading statements).\n4\n See also City of Sterling Heights Gen. Emps.\u2019 Ret. Sys. v. Hospira, Inc., 2013 WL 566805, at\n*12 (N.D. Ill. Feb. 13, 2013) (rejecting request to judicially notice \u201cthe truth of that sales data\u201d in a\npublic filing); Khoja v. Orexigen Therapeutics, Inc., 899 F.3d 988, 1000 (9th Cir. 2018) (holding\n - 16 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 24 of 49 Document 80\n\f\u201cresolution of [fact] dispute[s] must wait for another day, after plaintiffs have had an opportunity to\n\nconduct discovery.\u201d Shah v. Zimmer Biomet Holdings, Inc., 348 F. Supp. 3d 821, 840 (N.D. Ind.\n\n2018) (denying motion to dismiss and rejecting counter-narrative that undisclosed problems \u201cdid not\n\noccur until the very end of the third quarter\u201d).\n\n 1. The Concealed Facts Were Material\n\n Defendants rely on the prior Order to argue that the solar defect and sales concentration were\n\nimmaterial to investing in Generac. MTD at 20-21; see also Order at 30 (holding the \u201cfailure to\n\ndisclose that one solar energy dealer accounted for a significant portion of their moderate solar\n\nenergy-related sales is simply immaterial\u201d and the \u201cmost reasonable inference that can be made . . .\n\nis that Defendants failed to disclose their concentration of solar sales through Pink Energy because it\n\nwas of little consequence\u201d); see also id. at 26 (stating there was no \u201cmaterial falsity with respect to\n\nthe SnapRS defect\u201d). However, each of the concealed facts were material to investors.\n\n a. Legal Standards for Materiality\n\n For securities claims based on misleading omissions, the question is whether there is \u201c\u2018a\n\nsubstantial likelihood that the disclosure of the omitted fact would have been viewed by the\n\nreasonable investor as having significantly altered the \u201ctotal mix\u201d of information made available.\u2019\u201d\n\nBasic, 485 U.S. at 231-32. Since it is fact intensive, \u201c\u2018a materiality determination is rarely\n\nappropriate at the summary judgment stage, let alone on a motion to dismiss.\u2019\u201d In re Akorn, Inc.\n\nSec. Litig., 240 F. Supp. 3d 802, 814-15 (N.D. Ill. 2017) (quoting Marks v. CDW Comput. Ctrs, Inc.,\n\n122 F.3d 363, 370 (7th Cir. 1997) (reversing dismissal)).\n\n\n\n\n\u201c[i]t is improper to judicially notice a transcript when the substance of the transcript \u2018is subject to\nvarying interpretations, and there is a reasonable dispute as to what the [transcript] establishes\u2019\u201d)\n(alteration in original)).\n\n - 17 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 25 of 49 Document 80\n\f b. The Stock Drop Supports Materiality\n\n Courts repeatedly find the \u201cfact that the price of the stock plummeted shortly after disclosure\n\ndemonstrates\u201d the concealed information was material to investors. In re Ulta Salon, Cosms. &\n\nFragrance, Inc. Sec. Litig., 604 F. Supp. 2d 1188, 1196 (N.D. Ill. 2009). Here, as a series of\n\ndisclosures revealed the concealed facts (declining close rates, massive solar defects, and customer\n\nconcentration) and the materialization of the associated risks (dealer generator inventories reaching\n\n\u201cdouble\u201d healthy levels, Pink Energy\u2019s bankruptcy, increased solar liabilities and reputational\n\ndamage, and a substantial decrease in financial results and guidance), Generac\u2019s stock declined.\n\n\u00b6\u00b6137-189. Thus, \u201c[t]he market\u2019s negative reaction further tends to show that defendants\u2019 alleged\n\nmisstatements were material.\u201d See Ross v. Career Educ. Corp., 2012 WL 5363431, at *6, *12 (N.D.\n\nIll. Oct. 30, 2012) (denying motion to dismiss).5 In holding no reasonable investor could care about\n\nthe solar defect and sales concentration because total solar sales were too small, the Court drew an\n\nunsupported inference in Defendants\u2019 favor that the stock declined because the \u201cpandemic waned.\u201d\n\nOrder at 30-31. But, no reasonable investor expected the pandemic to last forever (see Order at 19),\n\nso that was baked into the stock price (see supra \u00a7I). Thus, the stock drops support materiality.\n\n c. The Investment Banks Confirm Materiality\n\n Rather than the pandemic waning, the very banks responsible for reporting on such matters\n\nattributed the decline to the concealed facts. See, e.g., \u00b6\u00b6158, 160, 171-174, 184-188. Those banks\n\nwere in the business of attending Generac\u2019s earnings calls (e.g., \u00b6\u00b663, 67(b)-(c), 67(e)), participating\n\nin Generac\u2019s \u201cInvestor Day\u201d events (see \u00b652), reviewing the Company\u2019s public statements (see, e.g.,\n\n\u00b6\u00b6110, 135), tracking solar and generator sales (e.g., \u00b6\u00b661, 67, 69, 110, 135), and making investment\n\n5\n See also E. Ohman J:or Fonder AB v. NVIDIA Corp., 81 F.4th 918, 936-37 (9th Cir. 2023)\n(finding materiality supported where \u201c[i]nvestors\u2019 and analysts\u2019 surprise was reflected in the\nprecipitous [stock price] fall\u201d); Alaska Elec. Pension Fund v. Pharmacia Corp., 554 F.3d 342, 352\n(3d Cir. 2009) (stating as a result of 9% stock drop, \u201cthe materiality of the alleged misrepresentations\n[were] self-evident when we look at the market\u2019s negative reaction\u201d).\n\n - 18 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 26 of 49 Document 80\n\frecommendations with respect to Generac (e.g., \u00b6\u00b6110, 171-172). Those banks concluded that the\n\ndisclosure of the concealed facts were a surprise, were important to investors, and reduced their\n\nvaluations of Generac\u2019s stock. See supra \u00a7\u00a7I, II.A.3, II.C.4; infra \u00a7III.B.2(c). The analyst\n\nconclusions should be credited at this stage. See SEC v. Ustian, 229 F. Supp. 3d 739, 761 (N.D. Ill.\n\n2017) (stating \u201c[c]ourts routinely consider analyst reports during motions to dismiss securities fraud\n\nclaims to resolve questions about the materiality of the alleged misrepresentations and omissions\u201d).6\n\n d. Defendants Admitted Materiality\n\n In addition to the stock drop and analyst statements, Defendants admitted that generator close\n\nrates and the solar business, including the defects and customer concentration, were important\n\nbusiness matters. See Constr. Indus. & Laborers Joint Pension Tr. v. Carbonite, Inc., 22 F.4th 1, 8,\n\n9 (1st Cir. 2021) (holding that misstatements regarding the company\u2019s new product were material\n\nbecause \u201cwe need only take CFO Folger\u2019s word for it\u201d where the CFO stated that the product \u201c\u2018is a\n\nreally important product for us\u2019\u201d) (emphasis omitted).\n\n Defendant Jagdfeld admitted close rates are a \u201creally important metric[]\u201d that have \u201creally\n\nmeaningful impacts on the business.\u201d \u00b652; see also \u00b6\u00b647-51. Defendants likewise touted dealer\n\ndiversification, and the safety and quality, of its solar products in public statements. \u00b6\u00b675-76, 101,\n\n108, 116-118, 122-133, 200. When Pink Energy closed, Defendant Jagdfeld admitted that \u201c[t]he\n\nmajority of the market [loss] is related to the loss of the customer,\u201d as Pink Energy \u201cwas a really\n\nimportant customer for us.\u201d \u00b6181. Similarly, Defendant Ragen admitted that Pink Energy\n\nrepresented \u201cthe loss of a major customer\u201d (\u00b6178), with Defendant Jagdfeld adding that the loss of\n\nPink Energy had \u201cnegatively impacted\u201d solar (\u00b6179). Defendant Jagdfeld further admitted that the\n\n\n6\n See also NVIDIA Corp., 81 F.4th at 936-937 (finding that \u201csophisticated professional\nanalysts were surprised\u201d by the disclosure supported materiality); In re Scholastic Corp. Sec. Litig.,\n252 F.3d 63, 76 (2d Cir. 2001) (reversing dismissal and finding that concealed fact was material\nwhere its disclosure resulted in a \u201csharp criticism from industry analysts\u201d).\n\n - 19 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 27 of 49 Document 80\n\f\u201cdiversification of our customer base is going to be the primary focus here going forward,\u201d which\n\nwas something \u201cwe should have been doing all along.\u201d \u00b6\u00b6180-181.\n\n e. The Solar Sales Were Material to Generac\u2019s Business\n\n The AC adds allegations regarding the importance of sales diversification to investors as\n\nconcentration increases investment risk. \u00b6\u00b6112-113. In addition to the host of allegations addressed\n\nabove, the following allegations further establish the materiality of the concealed solar facts.\n\n As to qualitative materiality, the fact that Defendants separately and routinely discussed solar\n\nresults (e.g., \u00b6\u00b643, 71-72, 130(a)-(b), 199-200), and analysts asked about, and reported on, Generac\n\nbuilding the diversified dealer network (e.g., \u00b6\u00b6117-118, 135-136), also shows those were important\n\nto investors. See, e.g., Kraft Heinz, 2021 WL 3566602, at *10 (holding statements that were \u201cin\n\nresponse to questions from analysts\u201d were material); Pub. Emps.\u2019 Ret. Sys. of Miss. v. TreeHouse\n\nFoods, Inc., 2018 WL 844420, at *2-*3 (N.D. Ill. Feb. 12, 2018) (holding statements that merger\n\nintegration was doing \u201c\u2018good\u2019\u201d and \u201c\u2018great,\u2019\u201d and the team was doing \u201can \u2018incredible job\u2019\u201d were\n\nmaterial because analysts reported on the statements and integration was significant to investors). In\n\naddition, the solar business was eventually expected to equal generator sales. See \u00b631; Carbonite,\n\nInc., 22 F.4th at 8-9 (finding materiality because \u201ca company certainly can consider a product\n\nimportant long before it contributes substantial revenue\u201d). And, disclosure of the concealed facts\n\nand materialized risks gutted Generac\u2019s new and important business line and caused reputational\n\nharm far beyond the $180 million reduction in sales.7\n\n Next, even as to quantitative materiality, to claim the clean energy business was only 4% of\n\nrevenues (MTD at 20), Defendants focus on the reduced sales forecast, but the clean energy business\n\nguidance of $500 million (11%), of which $350 million (7.6%) was solar sales, exceeded 5% of total\n\n7\n For example, \u00b6\u00b6169, 170, 174, 179-180, 185, and 188 of the AC describe the negative\nfinancial impact caused by the loss of a \u201cmajor customer\u201d (Pink Energy) and the SnapRS defect,\nwhich hurt the solar business as well as \u201cthe company\u2019s reputation in the solar industry.\u201d\n\n - 20 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 28 of 49 Document 80\n\fsales. \u00b6\u00b6121, 160, 178 & n.36, 180. Courts look to the impact on the segment, not just total sales,\n\nand here, the solar guidance reduction was more than 50%, far above any 5% threshold. See, e.g.,\n\nLitwin v. Blackstone Grp., L.P., 634 F.3d 706, 720 (2d Cir. 2011) (finding concealed investment that\n\nrepresented 9% of an important segment (but less than 5% of company) because \u201c[e]ven where a\n\nmisstatement or omission may be quantitatively small compared to a registrant\u2019s firm-wide financial\n\nresults, its significance to a particularly important segment of a registrant\u2019s business tends to show\n\nits materiality\u201d). Moreover, \u201c[d]efining materiality using some rigid percentage-based computation,\n\nespecially one where the denominator is picked by defendants, would both permit Courts and\n\ndefendants to move the goal posts and \u2018effectively sanction misstatements . . . so long as the net\n\neffect\u2019 was just below that threshold.\u201d Swanson v. Interface, Inc., 2022 WL 2003990, at *2\n\n(S.D.N.Y. June 6, 2022).8\n\n 2. Defendants\u2019 Misleading Half-Truths Are Actionable\n\n Defendants rely on the Order to argue the AC \u201cadvance[s] a case based entirely on alleged\n\n\u2018half-truths\u2019\u201d and \u201cdo[es] not allege any false statements of objective fact[s].\u201d MTD at 1; Order at\n\n12. First, that is not accurate as, for example, the statement that \u201cthese key demand metrics for home\n\nstandby have continued to trend even higher . . . including home consultations increasing at a strong\n\ndouble-digit rate\u201d (\u00b661(b)), was false because close rates were a key demand metric that trended\n\nlower but it was also misleading for omitting that fact. See also supra \u00a7II.A.2 (explaining statement\n\nin \u00b663 was false for similar reasons). Also, the statements that the SnapRS was \u201cSAFE\u201d and \u201crapid\n\nshutdown compliant\u201d (\u00b6108) were false because they were melting and unsafe, but also misleading\n\nfor omitting the widespread defect, massive customer complaints, steps to replace all units, and\n\n8\n See also In re Adams Golf, Inc. Sec. Litig., 381 F.3d 267, 274 (3d Cir. 2004) (reversing\ndismissal and finding omission concerning 2% of inventory material); City of Pontiac Gen. Emps.\u2019\nRet. Sys. v. Lockheed Martin Corp., 875 F. Supp. 2d 359, 368 (S.D.N.Y. 2012) (denying motion to\ndismiss where fraud resulted in a 2.7% decrease in profits because \u201cmateriality is generally a mixed\nquestion of law and fact and is rarely a basis for dismissal on the pleadings\u201d).\n\n - 21 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 29 of 49 Document 80\n\fincreased warranty and replacement liabilities. \u00b6\u00b697-109. At this stage, inferences regarding the\n\ninterpretation of statements are drawn in Plaintiffs\u2019 favor. See Plumbers & Pipefitters Loc. Union\n\nNo. 630 Pension-Annuity Tr. Fund v. Allscripts-Misys Healthcare Sols., Inc., 778 F. Supp. 2d 858,\n\n879-80 (N.D. Ill. 2011) (holding \u201crollout [wa]s going very well\u201d was actionable because \u201c[w]hile the\n\nprecise meaning of portions of this statement is unclear, what is clear is that a reasonable investor\n\ncould have been misled by this statement\u201d in light of the undisclosed problems).\n\n Second, it is irrelevant whether a statement is false or misleading because both are prohibited\n\nby the securities laws. See, e.g., id. at 879 (holding that statement was misleading even though it\n\nwas not false). Misleading statements are treated no lesser than false statements because\n\n\u201cstatements, even if literally true, could still be misleading to investors depending on the context and\n\nmanner of their presentation.\u201d Career Educ., 2012 WL 5363431, at *6. In fact, \u201c[t]he telling of\n\nhalf-truths \u2013 that\u2019s what the securities laws don\u2019t tolerate.\u201d In re Est\u00e9e Lauder Co., Inc. Sec. Litig.,\n\n2025 WL 965686, at *3 (S.D.N.Y. Mar. 31, 2025); see also In re Vivendi, S.A. Sec. Litig., 838 F.3d\n\n223, 240 (2d Cir. 2016) (\u201c\u2018[A] statement that contains only favorable matters and omits all reference\n\nto unfavorable matters is as much a false representation as if all the facts stated were untrue.\u2019\u201d).\n\n Here, by choosing to make positive statements regarding increased generator consultations\n\nand orders (\u00b6\u00b660-68), the safety of its products and lack of risks (\u00b6\u00b697-109), and increasing number\n\nof solar dealer-customers (\u00b6\u00b6122-134), Defendants were under a legal duty to tell the full truth and\n\ndisclose the interrelated negative facts that close rates were declining, dealer inventories were\n\nincreasing, there was a widespread solar defect and increasing customer complaints, and despite the\n\naddition of dealers, solar sales were heavily concentrated in just one dealer. See, e.g., Carpenters\n\nPension Tr. Fund for N. Cal. v. Allstate Corp., 2018 WL 1071442, at *3 (N.D. Ill. Feb. 27, 2018)\n\n(finding statement that defendants were not \u201c\u2018concerned that [a spike in an insurer\u2019s claims] was a\n\nquality issue\u2019\u201d was misleading because defendants failed \u201cto mention Allstate\u2019s reduction in\n\n - 22 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 30 of 49 Document 80\n\funderwriting standards\u201d).9 Moreover, Defendants\u2019 puffery argument (MTD at 13, 25) is refuted by\n\nthe importance Defendants and analysts placed on the statements and concealed facts (supra \u00a7\u00a7II.A-\n\nC, III.B.1) and by the statements themselves (\u00b6\u00b661(a)-(b), 61(d), 63, 65(a)-(b), 67(a), (d), 101,\n\n123(a), 125, 127, 129(b), 130(b), 131, 133), which focused on the specific metrics, product safety,\n\nlack of actual versus theoretical risks, and increased solar dealer network, rather than just vague hope\n\nor optimism. See ECF 52 at 26-27 (citing cases); see also infra \u00a7\u00a7III.B.2.a-c.\n\n a. The Generator Sales Metrics Statements\n\n Defendants misconstrue Plaintiffs\u2019 allegations to argue that concealing the decline in close\n\nrates did not mislead investors as to the \u201clead times\u201d or the amount of historical generator sales.\n\nMTD at 11-12. Rather, it misled investors into believing that the increased consultations with end-\n\ncustomers and sales to dealers were being matched by correlating end-customer contracts (i.e.,\n\nincreased close rates), when in fact generators were piling up in dealer inventories. \u00b6\u00b661-68.\n\nDefendants cannot escape their admission that consultations can only be understood in connection\n\nwith close rates (\u00b6\u00b651-52, 67(e)) or the fact that analysts were misled into reporting that close rates\n\nwere improving (see \u00b669). Their statements were a classic example of misleading half-truths. See,\n\ne.g., Est\u00e9e Lauder, 2025 WL 965686, at *3 (finding statements were misleading where company\n\n\u201ctouted the reasons for its success while leaving out the parts of the truth it found inconvenient\u201d).\n\n\n\n\n9\n See also Kelsey v. Allin, 2016 WL 825236, at *4 (N. D. Ill. Mar. 2, 2016) (holding that when\ndefendants \u201celected\u201d to provide positive information about an executive\u2019s background they had a\nduty to disclose the \u201clone \u2018negative\u2019 in [h]is background\u201d and failure to do so \u201csuggests an intent to\ndeceive\u201d); In re Grupo Televisa Sec. Litig., 368 F. Supp. 3d 711, 721 (S.D.N.Y. 2019) (holding \u201c\u2018we\nhold the rights to the next three soccer World Cup\u2019s\u2019\u201d was misleading because \u201c[e]ven if Televisa\nwas not otherwise obligated to disclose that it or its subsidiary participated in bribing FIFA officials,\nspeaking about the issue imposed a duty to do so\u201d).\n\n - 23 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 31 of 49 Document 80\n\f Next, Defendants argue the statements only concealed an alleged decline in demand, which\n\nthe Court held could not be measured. MTD at 12-13.10 But close rates indisputably can be (and\n\nwere) measured, and they had declined. \u00b6\u00b654-55. Moreover, the AC makes clear that the decline in\n\nclose rates was not uncovered from an \u201cafter-the-fact retrospective of close rates\u201d as the Court\n\npreviously inferred. Order at 20. Rather, given Defendants\u2019 statements before and after the Class\n\nPeriod about specific and daily monitoring of close rates (\u00b6\u00b645-55, 202-208), the plausible inference,\n\nwhich must be drawn in Plaintiffs\u2019 favor at this stage, is that they also monitored close rates during\n\nthe Class Period. See, e.g., Tellabs III, 513 F.3d at 705. That fraud is belatedly disclosed does not\n\nmean the concealed facts were only uncovered at that time because \u201cfraud is almost always detected\n\nafter the fact\u201d and is \u201ctypically based on evidence developed subsequent to the allegedly fraudulent\n\nstatements.\u201d Azar v. Grubhub, Inc., 2021 WL 4077327, at *1, *4 (N.D. Ill. Sept. 7, 2021) (denying\n\nmotion to dismiss); Allstate, 2018 WL 1071442, at *6 (holding the \u201ccourt disagrees\u201d with \u201c\u2018fraud by\n\nhindsight\u2019\u201d argument because defendant\u2019s admissions \u201cdoes not merely indicate\u201d his statements\n\n\u201cwere incorrect in retrospect; it suggests that they were incorrect when made\u201d).11\n\n b. The Solar Risk and Safety Statements\n\n Courts recognize that for public companies \u201cto warn that the untoward may occur when the\n\nevent is contingent is prudent\u201d but \u201cto caution that it is only possible for the unfavorable events to\n\n\n\n\n10\n Cf. Okla. Firefighters Pension & Ret. Sys. vs. Lexmark Int\u2019l, Inc., 367 F. Supp. 3d 16, 33\n(S.D.N.Y. 2019) (finding \u201cdemand\u201d statements misleading because \u201ca reasonable investor would\nlikely have found it significant that . . . revenues were driven by inflated channel inventory and not\nincreased end-user demand\u201d).\n11\n Defendants raise a host of improper fact disputes such as disclosing the decline in close rates\nwould have masked the \u201cchallenges\u201d the Company faced and noting that the (much lower) close\nrates slightly improved late in the Class Period. MTD at 11-12. Such disputes of interpretation are\nimproper at this stage, and the suggestion that it would be misleading to disclose close rates is belied\nby the fact that Defendants did so before and after the Class Period. \u00b6\u00b647-52, 59, 203-205.\n\n - 24 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 32 of 49 Document 80\n\fhappen when they have already occurred is deceit.\u201d Voit v. Wonderware Corp., 977 F. Supp. 363,\n\n371 (E.D. Pa. Sept. 8, 1997) (internal quotations omitted).\n\n Here, Defendants\u2019 statements that the Company\u2019s products were safe and compliant while\n\ntouting Generac\u2019s product safety efforts and warning only that product defects and warranty\n\nliabilities could arise, rather than disclosing the fact that such defects and liabilities had already\n\narisen (\u00b6\u00b697-109), were misleading. See \u00a7II.B.2.; In re Facebook, Inc. Sec. Litig., 2023 WL\n\n8365362, at *9 (9th Cir. Dec 4, 2023) (holding risk statements were \u201cinadequa[te]\u201d because risk was\n\npresented \u201cas purely hypothetical when that exact risk had already transpired\u201d such that investors\n\nwould have understood the risk to be \u201cmerely conjectural\u201d). Defendants had to warn of the solar\n\ndefect that existed, not of some abstract future possibility. See Oak St., 2023 WL 1928119, at *7\n\n(stating \u201c[c]ourts have rejected the \u2018argument that such general warnings effectively satisfy the duty\n\nto disclose specific\u2019\u201d risks). Accordingly, Defendants\u2019 \u201csafe harbor\u201d arguments (MTD at 25) are\n\nmeritless because the statements not only included present representations of fact, but were also not\n\naccompanied by sufficient cautionary language to be subject to the safe harbor, as the risk warnings\n\nwere misleading and actionable. See ECF 52 at 24-25 (citing cases).12\n\n Again, Defendants seek dismissal by relying upon the Order, which drew another inference\n\nin their favor that the defects were not sufficiently widespread until they were disclosed. Order at 27\n\n(stating just because \u201cat some point, half of the SnapRS units were defective says nothing about\n\nwhen those devices began to malfunction in sufficient numbers to alert Defendants to the existence\n\nof a significant problem\u201d) (emphasis omitted). But to assume the 50% failure rate was the result of,\n\nfor example, a 0% failure rate in earlier sold units and 100% failure rate in later sold units is\n\n12\n See also In re BioVie Inc. Sec. Litig., 2025 WL 9647667, at *16 (D. Nev. Mar. 27, 2025)\n(finding risk statements actionable because the company \u201cused hypothetical language to disclose [of]\nrisks\u201d that had already materialized); In re Virtu Fin., Inc. Sec. Litig., 2025 WL 847824, at *20\n(E.D.N.Y. Mar. 17, 2025) (holding potential warnings were misleading because they \u201crelated to a\nrisk that had already transpired\u201d).\n\n - 25 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 33 of 49 Document 80\n\fimplausible and contrary to the AC. See, e.g., In re Allaire Corp. Sec. Litig., 224 F. Supp. 2d 319,\n\n330-32 (D. Mass. 2002) (denying motion to dismiss where the \u201cproof offered . . . that the product did\n\nnot work at time \u2018x\u2019 is that, at time \u2018x+1,\u2019 the product did not work\u201d). Moreover, the AC eliminated\n\nearlier statements in 2021 and added that the Company reported the defect as significant in\n\nNovember 2021 (\u00b688) and that Generac has replaced at least 500,000 defective SnapRS units (\u00b6100\n\nn.26). Those changes add to the existing allegations, which together further establish the defect was\n\nof sufficient magnitude at the time of the statements. See supra \u00a7\u00a7I, II.B.\n\n The level of detail that will only become available through discovery is not required at the\n\npleading stage where all reasonable inferences must be drawn in favor of Plaintiffs. See Twitter, 282\n\nF. Supp. 3d at 1137 (holding allegations \u201cg[a]ve rise to the inference\u201d that decline existed \u201cduring\n\nthe Class Period\u201d and \u201c[t]he fact that . . . it [was] difficult to say when within the Class Period the\n\ndecline occurred does not defeat that inference\u201d) (emphasis in original); Facebook, 2023 WL\n\n8365362, at *9 (holding the \u201claw does not require harm to have materialized for a statement to be\n\nmaterially misleading\u201d because it \u201ccould be misleading even if the magnitude of the ensuing harm\n\nwas still unknown\u201d). While the Court relied heavily upon Gogo I (Order at 26-27; see also MTD at\n\n21-22), that case was only dismissed because allegations that Wi-Fi problems \u201cmay have\u201d become\n\nsignificant \u201csome time prior\u201d to the corrective disclosures were insufficient. Gogo I, 414 F. Supp.\n\n3d at 1174-75. However, when the complaint was amended to make clear the defect existed at the\n\ntime of the alleged misleading statements, the court denied the motion to dismiss. See Gogo II, 2021\n\nWL 1608342, at *6-*9. So too here, the product defect was widespread months before the alleged\n\nfalse and misleading statements in February through August of 2022. \u00b6\u00b697-107.\n\n c. The Solar Dealer Statements\n\n By emphasizing it was critical to have a diversified solar dealer base and assuring investors\n\nthat Generac had a growing base of 2,000 to 2,800 solar dealers (\u00b6\u00b6116-133), Defendants had a duty\n\n - 26 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 34 of 49 Document 80\n\fto disclose that Generac\u2019s solar sales were highly concentrated through just one dealer. See supra\n\n\u00a7\u00a7II.C., III.B.1-2; Beaver Cnty. Emps.\u2019 Ret. Fund v. Tile Shop Holdings, Inc., 94 F. Supp. 3d 1035,\n\n1048 (D. Minn. 2015) (holding company was required to disclose that more than 30% of sales were\n\nthrough single entity because such concentration \u201ccould have a material effect on [defendant\n\ncompany\u2019s] financial condition if that relationship was somehow compromised\u201d).\n\n After the concentration was belatedly disclosed, analysts made clear both that customer\n\nconcentration was material and that investors had been misled. See supra \u00a7I; \u00b6\u00b6186-188 (William\n\nBlair reporting that \u201cit will come as a surprise to many investors that Pink Energy likely accounted\n\nfor more than half of Generac\u2019s solar/energy storage sales\u201d and the \u201crealization of customer\n\nconcentration makes it clear that Generac has not been as successful as we believed at attracting\n\ndistribution partners in the solar market\u201d which \u201churt management\u2019s credibility\u201d); \u00b6\u00b6172, 178-180,\n\n187-188. Thus, these statements are actionable because they created a misleading impression that\n\nsolar sales were increasingly being spread over a growing base of dealers, which reduced the risk of\n\ninvesting in Generac and inflated the stock price. See In re Obalon Therapeutics, Inc., 2019 WL\n\n4729461, at *8 (S.D. Cal. Sep. 25, 2019) (holding statements about increased reorders were\n\nmisleading for omitting to disclose \u201cthat reorder sales were concentrated in a small number of\n\nclients\u201d because it \u201cgave the impression of healthy and equally distributed reorder accounts\u201d);\n\nBerson v. Applied Signal Tech., Inc., 527 F.3d 982, 987 (9th Cir. 2008) (reversing dismissal and\n\nholding that \u201conce defendants chose to tout the company\u2019s backlog\u201d of work orders, \u201cthey were\n\nbound to do so in a manner that wouldn\u2019t mislead investors as to what that backlog consisted of\u201d).\n\n C. The AC Establishes a Strong Inference of Scienter\n\n Determining whether allegations give rise to a strong inference of scienter requires courts to\n\n\u201ctake into account plausible opposing inferences\u201d because \u201c[t]he inquiry is inherently comparative.\u201d\n\nTellabs Inc. v. Makor Issues & Rts., Ltd., 551 U.S. 308, 323 (2007) (\u201cTellabs II\u201d). A \u201cstrong\n\n - 27 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 35 of 49 Document 80\n\finference\u201d is one that is \u201ccogent and at least as compelling as any opposing inference of\n\nnonfraudulent intent.\u201d Id. at 314.\n\n When courts find statements are not false or misleading, it necessarily follows they will not\n\nfind scienter. So too here, in finding demand was immeasurable and the omitted solar defects and\n\ncustomer concentration facts were immaterial, the Court found investors were not misled and\n\nnecessarily rejected the scienter allegations. Order at 30. However, the concealed facts were\n\nmaterial and the totality of allegations establish that the inference of scienter is at least as compelling\n\nas the competing inference that Defendants were unaware of the declining close rates, solar product\n\ndefect, and solar customer concentration. See Archer-Daniels-Midland, 2025 WL 790854, at *5\n\n(denying motion to dismiss and rejecting defendants\u2019 \u201calternative explanations\u201d and crediting \u201cthe\n\ninferences\u201d of scienter that plaintiffs \u201cask the Court to draw\u201d).\n\n 1. Direct Evidence Is Not Required\n\n Defendants overstate what is required by arguing the AC does not prove \u201cactual knowledge\u201d\n\nof the concealed facts. MTD at 13-14. The Court also implied direct evidence was required, such as\n\ninternal documents showing exactly when and how Defendants learned of the concealed facts. See\n\nOrder at 27 (finding the CC lacked \u201csufficiently specific and detailed information about when\n\nDefendants\u201d became aware of the \u201cpervasiveness of the [SnapRS] defect\u201d) (emphasis omitted).\n\n But investors do not have access to internal records and a complaint need only raise a strong\n\n\u201cinference\u201d of scienter, not produce strong \u201cevidence\u201d of scienter, so circumstantial allegations are\n\nsufficient. See In re Upstart Holdings, Inc. Sec. Litig., 2023 WL 6379810, at *22-*23 (S.D. Ohio\n\nSept. 29, 2023) (rejecting argument that scienter cannot be pled without \u201c\u2018confidential witnesses, []\n\naccounts of conversations or meetings, [or] internal documents or reports\u2019\u201d because such details\n\nwould \u201crequire[] a degree of omniscience that is unrealistic at the preliminary stages of the litigation\n\nprocess\u201d); Bond v. Clover Health Invs. Corp., 2022 WL 602432, at *22 (M.D. Tenn. Feb. 28, 2022)\n\n - 28 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 36 of 49 Document 80\n\f(stating PSLRA\u2019s pleading standards \u201care still pleading standards \u2013 not evidentiary ones\u201d and\n\ndenying motion to dismiss) (emphasis in original).13 At trial, \u201c[t]he law makes no distinction\n\nbetween the weight to be given to either direct or circumstantial evidence,\u201d much less at the pleading\n\nstage. See, e.g., Seventh Circuit Pattern Civil Jury Instruction No. 1.12; Archer-Daniels-Midland,\n\n2025 WL 790854, at *3 (holding that \u201calthough Plaintiffs do not allege direct evidence that\n\nDefendants knew the statements to the SEC about the accounting were false, the allegations of\n\ncircumstantial evidence of their knowledge are strong\u201d).\n\n 2. This Case Is Like Gogo II, Not Gogo I\n\n As discussed in \u00a7III.B.2(b) above, the fact that the concealed facts here existed at the time of\n\nDefendants\u2019 statements distinguishes this case from Gogo I, which the Court relied upon in its Order.\n\nSee Order at 26-27. In Gogo I, the false statements were alleged to begin in February 2017 but the\n\ncomplaint only alleged the undisclosed problem (faulty Wi-Fi system) arose in \u201cNovember or\n\nDecember 2017.\u201d 414 F. Supp. 3d at 1173. The court held the complaint could not allege falsity and\n\nscienter \u201cwithout describing specific documents\u201d or showing that \u201cdefendants were presented with\n\nany specific information\u201d about the magnitude of the problem at the time of their statements. Id. at\n\n1174, 1176. This Court reached similar conclusions. See Order at 27.\n\n However, after the Gogo plaintiffs amended the complaint to include former employees\n\nstating the problem and attempts to fix it did exist at the time of the statements, the Court denied the\n\nmotion to dismiss and found the complaint adequately alleged falsity and scienter. Gogo II, 2021\n\n\n\n13\n See also Butala v. Owlet, Inc., 2024 WL 3648141, at *7 (C.D. Cal. Aug. 5, 2024) (finding\nscienter adequately pled and rejecting argument that the complaint \u201c\u2018d[id] not point to any internal\ncompany communications\u2019\u201d because \u201csuch allegations are not required to establish scienter\u201d); Oak\nSt., 2023 WL 1928119, at *10 (finding scienter adequately alleged and holding internal \u201creports,\nconversations, or meetings\u201d are not required to plead scienter); Grubhub, 2021 WL 4077327, at *5\n(holding scienter adequately pled in complaint lacking allegations of any internal company\ndocuments or confidential witnesses).\n\n - 29 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 37 of 49 Document 80\n\fWL 1608342, at *6-*9.14 In doing so, the court rejected the argument that direct evidence of scienter\n\nwas required, holding the \u201cclaim need not be airtight to survive a motion to dismiss.\u201d Id. at *6\n\n(noting \u201cthese allegations still lack certain specifics that might make plaintiff\u2019s claim more\n\nconvincing\u201d).15 Instead, the court inferred scienter because the \u201c12%\u201d failure rate was \u201c[s]uch a high\n\nfailure rate among 2Ku systems in the field\u201d that it \u201cwould have been an extremely ominous sign\u201d\n\nand, given the \u201cscale of the internal effort to fix the de-icing problem,\u201d the court found it \u201cunlikely\u201d\n\nthat the \u201cindividual defendants were unaware of the magnitude of the problem,\u201d adding that it did\n\nnot matter that plaintiff could not \u201c\u2018\u201cidentify the precise moment at which the culpable inference\n\novertook the innocent one\u201d at this early stage.\u2019\u201d Id. at *6-*9.\n\n Here, the solar defect impacted 50% (more than 12%) of SnapRS devices in the field (\u00b696),\n\nPink Energy and other dealers reported the problem to Generac (\u00b6\u00b680-81), Generac executives\n\ndiscussed the problem and the Company\u2019s awareness (\u00b6\u00b683-84, 86-87, 92), Generac indemnified\n\nPink Energy (\u00b695), Generac reported the defect as a substantial problem to the CPSC (\u00b688), and\n\nGenerac had also engaged in multiple attempts to fix the issue (\u00b6\u00b686, 89, 93, 100) \u2013 which shows the\n\ndefect was of sufficient magnitude before the misleading statements. See \u00b6\u00b6209-211. Similarly, the\n\ncustomer concentration and negative close rates existed before, and continued throughout, the Class\n\nPeriod, and they had a significant impact on the Company\u2019s sales, guidance, risks, and inventory\n\nlevels. See \u00b6\u00b631, 46-52, 119-121, 177-188. Defendants monitored the SnapRS defect, solar dealer\n\n\n14\n Unable to provide direct evidence of scienter, the most the former employees said was that\none of the individual defendants attended \u201cweekly meetings\u201d where the \u201cproblem was discussed.\u201d\nGogo II, 2021 WL 1608342, at *2.\n15\n See also Pirelli Armstrong Tire Corp. Retiree Med. Benefits Tr. v. Walgreen Co., 631 F.3d\n436, 443 (7th Cir. 2011) (noting courts must \u201cremain sensitive to information asymmetries that may\nprevent a plaintiff from offering more detail\u201d without discovery); Fryman v. Atlas Fin. Holdings,\nInc., 2022 WL 1136577, at *17 (N.D. Ill. Apr. 18, 2022) (distinguishing Gogo I and stating that\nplaintiffs are not \u201crequire[d] . . . to have knowledge of contemporaneous internal [company]\ndocuments before discovery\u201d).\n\n - 30 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 38 of 49 Document 80\n\fconcentration, and declining close rates before and during the Class Period, and they have admitted\n\nknowledge of the concealed negative information. See \u00b6\u00b647-52, 73-76, 114, 202-213. As such, any\n\ninference that Defendants were unaware of such significant matters is \u201c\u2018exceedingly unlikely,\u2019\u201d and\n\nscienter is adequately pled. See Gogo II, 2021 WL 1608342, at *6, *11 (recognizing that \u201cgiven the\n\nlimited information available to plaintiff concerning Gogo\u2019s internal deliberations,\u201d allegations were\n\nstill sufficient, finding \u201cit is hard to imagine that [the defendants] did not know that the de-icing\n\nissue was serious enough to require a reassessment of their expectations for the company\u2019s financial\n\nperformance on some level\u201d).\n\n 3. The Totality of Allegations Support a Strong Inference of\n Scienter and None Should Be Dismissed as Meaningless\n\n The Court rejected the circumstantial allegations, stating the \u201cCEO and CFO of a company\n\nalmost always control its messaging and almost always monitor and make public disclosures about\n\nkey parts of the company\u2019s business\u201d and \u201cit is common for executive officers to have compensation\n\ntied to performance and to make transactions in the company\u2019s stock\u201d such that relying upon these\n\nallegations would make scienter \u201csatisfied in virtually every securities fraud case\u201d and render the\n\nstandard \u201cmeaningless.\u201d Order at 24; see also MTD at 14-18, 28-29 (advancing similar arguments).\n\nBut, the analysis is more nuanced than choosing between finding such allegations are either always\n\nsufficient to establish scienter or they never do. See, e.g., Thomas v. Magnachip Semiconductor\n\nCorp., 167 F. Supp. 3d 1029, 1045 (N.D. Cal. 2016) (\u201cWhile each of these allegations alone might\n\nbe insufficient to plead a \u2018cogent and compelling\u2019 claim of scienter, taken as a whole . . . they meet\n\nthe standard under the PSLRA.\u201d).\n\n The specific combination in each case matters because the more Defendants speak on a topic,\n\nthe more important the matter is to the business, the larger the concealed problem, and the more\n\nstock defendants sold, the stronger the inference of scienter. See also Institutional Invs. Grp. v.\n\nAvaya, Inc., 564 F.3d 242, 273 (3d Cir. 2009) (reversing dismissal on scienter grounds and rejecting\n - 31 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 39 of 49 Document 80\n\fdefendants\u2019 argument that \u201c\u2018[t]he sum of several zeros . . . is still zero\u2019\u201d because the \u201cinferential\n\nsignificance of any single allegation can be determined only by reference to all other allegations\u201d).\n\nThe allegations have to be considered collectively and courts must reject attempts to \u201cpick apart\n\nPlaintiffs\u2019 allegations and point to cases finding that each type of allegation Plaintiffs include in their\n\ncomplaint is insufficient in isolation to establish a strong inference of scienter.\u201d Archer-Daniels-\n\nMidland, 2025 WL 790854, at *4.16 The inference of scienter \u201cneed not be irrefutable, i.e., of the\n\n\u2018smoking-gun\u2019 genre, or even \u2018the most plausible of competing inferences.\u2019\u201d Tellabs II, 551 U.S. at\n\n324. Here, the allegations support a strong inference of scienter, and Defendants\u2019 one-sentence\n\n\u201cgroup pleading\u201d argument (MTD at 14) is still meritless (see ECF 52 at 40).\n\n a. Defendants\u2019 Direct Responsibilities, Close Monitoring,\n and Frequent Statements Support Scienter\n\n While executives are not assumed to know every bad fact in a company, since Defendants in\n\nthis case publicly attested that material information was made known to them (\u00b6\u00b6194-195),\n\ncontrolled the Company\u2019s messaging and frequently spoke on the matters at issue (\u00b6\u00b6190-193, 197-\n\n200, 214-215), and claimed to be closely monitoring such matters (\u00b6\u00b6202-213), it supports an\n\ninference that they knew of what they spoke. See Career Educ., 2012 WL 5363431, at *10 (finding\n\nfrom CEO\u2019s statements \u201c[o]ne may readily and reasonable [sic] infer from these facts that [the CEO]\n\nmade it his business to look into\u201d it). The concealed facts did not relate to some remote aspect of the\n\n16\n To the extent the Order holds such circumstantial allegations are \u201cmeaningless\u201d (Order at\n24), that is a departure from these and a long line of cases holding the contrary. See Kraft Heinz,\n2021 WL 3566602, at *13 (finding \u201crepeated references\u201d to the matter contributed to scienter);\nSchleicher v. Wendt, 529 F. Supp. 2d 959, 972 (S.D. Ind. 2007) (stating scienter supported \u201cwhere\nthe defendants either knew or had access to information showing that their public statements were\nnot accurate\u201d); In re Firstenergy Corp., 2022 WL 681320, at *22 (S.D. Ohio Mar. 7, 2022) (finding\nSOX certifications contributed to inference of scienter); Jones v. Corus Bankshares, Inc., 701 F.\nSupp. 2d 1014, 1029 (N.D. Ill. 2010) (finding fact that CEO was \u201c\u2018deeply involved\u2019\u201d in company\u2019s\nlending process supported inference he was aware of undisclosed financial troubles); In re Sears,\nRoebuck & Co. Sec. Litig., 291 F. Supp. 2d 722, 727 (N.D. Ill. 2003) (\u201cLogically, defendants in their\npositions would be expected to have knowledge of the facts regarding the credit card portfolio at the\ntime they were making statements about the portfolio or signing off on SEC filings.\u201d).\n\n - 32 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 40 of 49 Document 80\n\fbusiness outside the Defendants\u2019 responsibilities. Cf. Higginbotham v. Baxter Int\u2019l, Inc., 495 F.3d\n\n753, 757-760 (7th Cir. 2007) (affirming dismissal and finding scienter not adequately alleged against\n\nU.S. executives where the concealed issue arose in the company\u2019s Brazilian subsidiary). Rather,\n\nDefendants frequently discussed generator sales metrics, including close rates, and admitted to\n\nmonitoring them daily. \u00b6\u00b648-52, 61, 63, 65, 203-206. Similarly, the Company website referenced\n\nthe SnapRS as \u201cSAFE\u201d and \u201crapid shutdown compliant\u201d the entire Class Period and Defendants\n\nsigned documents that touted their safety protocols and regular monitoring. \u00b6\u00b675-76, 101, 108. As\n\nfor customer concentration, Defendants reported that no customer accounted for over 6% of total\n\nsales, stated they were mitigating risk through dealer diversification, and then repeatedly mentioned\n\ntheir tracking of the growth of total solar dealers. \u00b6\u00b6113-119, 122-133, 212; see also, e.g., Holwill v.\n\nAbbVie Inc., 2020 WL 5235005, at *5 (N.D. Ill. Sept. 1, 2020) (finding defendants\u2019 \u201cnumerous\n\nstatements\u201d on AbbVie\u2019s sales practices were \u201cstrong circumstantial evidence that [they] had\n\ndetailed information regarding\u201d the concealed practices).\n\n An inference of scienter is supported where, as here, the concealed matters are frequently\n\ndiscussed and monitored by, and fall directly within the responsibilities of, Defendants. See, e.g.,\n\nMakor Issues & Rts., Ltd. V. Tellabs, Inc., 437 F.3d 588, 603 (7th Cir. 2006) (\u201c\u2018One of the classic\n\nfact patterns giving rise to a strong inference of scienter is that defendants published statements\n\nwhen they knew facts or had access to information suggesting that their public statements were\n\nmaterially inaccurate.\u2019\u201d). To speak on a topic without knowing the facts, also supports scienter. See\n\nS. Ferry LP #2 v. Killinger, 687 F. Supp. 2d 1248, 1260 (W.D. Wash. 2009) (stating if defendant\n\ndoes not have actual knowledge about the subject, \u201cit would be at least actionably reckless to\n\nreassure the public about these matters at all\u201d).17\n\n\n17\n City of Lakeland Emps. Pension Plan v. Baxter Int\u2019l Inc., 2012 WL 607578, at *4 (N.D. Ill.\nJan. 23, 2012) (holding that \u201ca reasonable person could infer that [the CEO] and the other corporate\nofficer defendants at least acted with deliberate recklessness\u201d where \u201cby virtue of their positions the\n - 33 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 41 of 49 Document 80\n\f b. The Core Operations Doctrine Supports Scienter\n\n Scienter is also supported where the concealed matters are important since \u201c[o]fficers of a\n\ncompany can be assumed to know of facts \u2018critical to a business\u2019s core operations or to an important\n\ntransaction that would affect a company\u2019s performance.\u2019\u201d Sears, 291 F. Supp. 2d at 727; see also\n\nDesai v. Gen. Growth Props., Inc., 654 F. Supp. 2d 836, 860 (N.D. Ill. 2009) (\u201cWhile a Court cannot\n\n\u2018presume\u2019 scienter, a strong inference of scienter may still be credited where \u2018it is almost\n\ninconceivable\u2019 that an individual defendant would be unaware of the matters at issue.\u201d).\n\n Here, Defendants monitored and reported on the critical generator and solar product\n\nbusinesses. \u00b6\u00b6196-201. Defendant Jagdfeld said the generator business was a \u201ccore business\u201d that\n\n\u201cpays the bills\u201d and solar was \u201csuper critical to where we go as a company\u201d because \u201cit\u2019s the future.\u201d\n\n\u00b6\u00b6198-199; see also Hall v. Johnson & Johnson, 2019 WL 7207491, at *21 (D.N.J. Dec. 27, 2019)\n\n(finding product that was only 0.3% of sales was part of \u201ccore operations\u201d in light of importance of\n\nproduct and reputational risks posed by problems). Generator and solar sales were highlighted for\n\ninvestors and each were the topic of frequent discussion by Defendants, and questions by analysts,\n\nduring conference calls. See \u00b6\u00b6197-199, 214-215. Similarly, Defendants routinely discussed the\n\ngrowth in solar dealers. See \u00b6\u00b6200, 214.\n\n As courts have explained, \u201cit is strongly inferential that every officer or director . . . either\n\nhad the knowledge\u201d of such core matters \u201cor, if not, that his failure to have such knowledge equated\n\nto reckless disregard.\u201d Lindelow v. Hill, 2001 WL 830956, at *8 (N.D. Ill. July 20, 2001). The\n\ncompeting inference that Defendants were unware and making misleading statements based off lies\n\nfed to them by others is \u201cconceivable\u201d but \u201cexceedingly unlikely.\u201d Tellabs III, 513 F.3d at 709-711;\n\ndefendants had access to non-public and proprietary information concerning Baxter\u2019s operations,\nfinances, and financial condition\u201d and \u201ccontrolled the content\u201d of the statements); In re Motorola\nSec. Litig., 2004 WL 2032769, at *27 (N.D. Ill. Sept. 9, 2004) (holding defendants\u2019 \u201c\u2018access to\ninformation contradicting their public statements\u2019\u201d supports a finding that they \u201c\u2018knew or, more\nimportantly, should have known that they were misrepresenting material facts\u2019\u201d).\n\n - 34 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 42 of 49 Document 80\n\fUlta Salon, 604 F. Supp. 2d at 1197 (finding unpersuasive the competing inference that defendants\n\n\u201cwere essentially clueless as to the major problems existing within the company\u201d).\n\n c. The Magnitude of the Problems Supports Scienter\n\n The magnitude of the concealed problems also support scienter because \u201c\u2018[t]he more serious\n\nthe error, the less believable are defendants[\u2019] protests\u2019\u201d that they were unaware of the truth \u201c\u2018and\n\nthe stronger is the inference that defendants must have known about the discrepancy.\u2019\u201d Grubhub,\n\n2021 WL 4077327, at *5. Here, close rates declined by 40%, over half of solar products were\n\ndefective, over half of solar sales were concentrated in 1 of the 2,800 dealers, and the SnapRS defect\n\nand Pink Energy closure also caused massive reputational harm in their \u201csuper critical\u201d business, all\n\nof which resulted in significant financial harm to Generac, including slashed guidance and a 43%\n\ndecline ($58 million vs. $132 million) in net income. See, e.g., \u00b6\u00b6168-169, 178-183. Far from being\n\ntoo minor to warrant Defendants\u2019 attention, the concealed problems caused a drastic decline in the\n\nCompany\u2019s stock value once revealed. See, e.g., supra \u00a7\u00a7I, II.A.3, II.C.4, III.B.1; Berson, 527 F.3d\n\nat 987-989 (finding scienter could be inferred when the concealed facts would have a \u201cdevastating\n\neffect on the corporation\u2019s revenue\u201d because \u201cit would be \u2018absurd to suggest\u2019 that top management\n\nwas unaware of them\u201d).\n\n d. Defendants\u2019 Admissions Support Scienter\n\n A defendant\u2019s post-Class Period admissions can also support a strong inference of scienter.\n\nSee Scholastic, 252 F.3d at 73 (reversing dismissal and stating that \u201cpost-class period data may be\n\nrelevant to determining what a defendant knew or should have known during the class period\u201d).\n\nHere, Defendant Jagdfeld admitted that \u201cwe knew\u201d there was a \u201cnegative impact on close rates,\u201d\n\ndealer inventory was \u201cdouble\u201d healthy levels and so high that dealers \u201cphysically started to run out\n\nof room,\u201d and Defendants saw \u201cfield inventory building\u201d and had been in discussion with dealers\n\nabout it \u201cfor several quarters\u201d before it was disclosed publicly. \u00b6\u00b6177, 203-208. Defendant Jagdfeld\n\n - 35 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 43 of 49 Document 80\n\falso monitored the close rate data on a daily basis and admitted that the declining close rates\n\n\u201cbottomed\u201d out in early 2022, and the Company published a chart showing it had declined months\n\nbefore the start of the Class Period. \u00b6\u00b647-55, 207. Similarly, the solar defect was reported to the\n\nCPSC as significant by November 2021 and Defendant Jagdfeld admitted being aware of attempts at\n\na fix. \u00b6\u00b688, 92, 201. Likewise, for dealer concentration, Defendant Jagdfeld admitted tracking solar\n\ndealer sales and that they should have focused on diversifying sales away from Pink Energy much\n\nearlier. \u00b6\u00b6181, 212.\n\n These admissions support a strong inference of scienter. See Allstate, 2018 WL 1071442, at\n\n*5-*6 (finding scienter where defendant \u201cplayed an active role\u201d in earnings calls and admitted that\n\nconcealed negative trends had been \u201cexpected\u201d). That Defendants disclosed the problems at the end\n\nof the Class Period does not mean that is when they first learned of them. See In re Enzymotec Sec.\n\nLitig., 2015 WL 8784065, at *13 (D.N.J. Dec. 15, 2015) (holding \u201c\u2018fraud-by-hindsight\u2019\u201d argument\n\nrequired \u201cparticularized analysis,\u201d which \u201c\u2018is not something that the Court is tasked with tackling at\n\nthis stage, given the inferences owed to the Plaintiff\u2019\u201d). Nor can Defendants conceal material\n\ninformation because they hoped to fix the problem. See, e.g., Fugman v. Aprogenex, Inc., 961 F.\n\nSupp. 1190, 1196 (N.D. Ill. 1997) (finding scienter for statements that omitted problems \u201ceven if\n\nthey honestly believed [the problems] would soon be rectified\u201d).\n\n e. Defendants\u2019 Unusual Stock Sales Support Scienter\n\n Motive is not required because \u201cthere is little if any significance attributable to the absence of\n\nan allegation of a personal financial motive.\u201d See Career Educ., 2012 WL 5363431, at *11. But,\n\nwhen present, \u201c\u2018motive can be a relevant consideration, and personal financial gain may weigh\n\nheavily in favor of a scienter inference.\u2019\u201d See Hospira, 2013 WL 566805, at *16. The Court erred\n\nin discounting the specific magnitude and timing of the specific stock sales in this case as\n\nmeaningless and existing in all cases. See Order at 24.\n\n - 36 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 44 of 49 Document 80\n\f There is no data to show the stock sales in this case are typical of corporate officers. See\n\n\u00b6\u00b6217-218 & n.40. Defendant Jagdfeld sold stock as high as $500 per share, cashing in $38 million,\n\nbefore the stock fell to around $100 after the truth was revealed. \u00b6217. Defendant Ragen sold shares\n\nas high as $440, cashing in $4.4 million at the inflated prices. \u00b6218. Such large sales during a\n\nperiod when the stock is inflated and negative facts are being concealed, is not a common\n\noccurrence, but are suspicious and unusual. See Allstate, 2018 WL 1071442, at *2, *5 (holding that\n\ngross stock sales of $33 million and $6.2 million contributed to inference of scienter). Moreover, it\n\nis no defense at this stage that the Individual Defendants did not sell all their stock. See In re\n\nValeant Pharms. Int\u2019l, Inc., Sec. Litig., 2019 WL 2724075, at *9-*11 (D.N.J. June 30, 2019)\n\n(rejecting argument that large sales were negated by holding of substantial number of shares due to\n\npossible alternate inferences, such as fear that selling more would cause suspicion); see also ECF 54\n\nat 3 (prior briefing explaining how Defendants\u2019 exhibits undermine their arguments). That the\n\nIndividual Defendants\u2019 compensation was tied to increasing the stock price, leading to compensation\n\nof more than $14 million for Defendant Jagdfeld, and nearly $4 million for Defendant Ragen, over\n\n2021 and 2022, also supports scienter. \u00b6\u00b6219-220; see also AbbVie, 2020 WL 5235005, at *5\n\n(finding compensation being \u201ctied directly to\u201d sales supported scienter); Norfolk Cnty. Ret. Sys. v.\n\nUstian, 2009 WL 2386156, at *10 (N.D. Ill. July 28, 2009) (finding $2 million and $800,000\n\nbonuses supported scienter because \u201cthis court does not regard . . . these particular sums to be\n\ninsignificant\u201d).\n\n D. Loss Causation Is Adequately Alleged\n\n \u201cLoss causation is a fact-based inquiry that need not be proven until the later stages of\n\nlitigation.\u201d Fryman, 2022 WL 1136577, at *33. Because loss causation is subject to Rule 8 notice\n\npleading, a plaintiff need only provide a \u201c\u2018short and plain\u2019\u201d statement to give \u201csome indication of the\n\nloss and the causal connection that the plaintiff has in mind.\u201d Dura Pharms., Inc. v. Broudo, 544\n\n - 37 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 45 of 49 Document 80\n\fU.S. 336, 346-47 (2005); see also Oak St., 2023 WL 1928119, at *11 (\u201cPleading loss causation is\n\n\u2018not meant to impose a great burden upon a plaintiff . . . .\u201d).\n\n The AC clears this low standard by detailing how the negative close rate information, solar\n\nproduct defect, and solar sales concentration were revealed in a series of partial disclosures that\n\nincluded the materialization of the associated risks (such as increased dealer inventories and\n\ndeclining generator orders, increased warranty liabilities, and decreased solar sales and guidance), all\n\nof which caused the stock to suffer declines as the information was disclosed. \u00b6\u00b6138-189, 224-229.\n\nThese allegations are sufficient to plead loss causation. See, e.g., Ustian, 2009 WL 2386156, at *5-\n\n*7 (finding loss causation adequately pled where plaintiffs \u201cidentified a series of disclosures \u2013 a\n\nleakage of information \u2013 which indicated that [the company\u2019s] financial statements and accounting\n\npractices were unreliable\u201d and \u201cshare prices fell after each instance\u201d). That analysts linked price\n\ndeclines to the new Company-specific information supports loss causation. See, e.g., \u00b6\u00b6154-160,\n\n171-174, 184-188; Washtenaw Cnty. Emps.\u2019 Ret. Sys. v. Walgreen Co., 2019 WL 4597518, at *8\n\n(N.D. Ill. Sept. 23, 2019). Defendants\u2019 three arguments must be rejected.\n\n First, as to close rates, Defendants incorrectly suggest that corrective disclosures must mirror\n\nthe alleged false and misleading statements and specifically reference \u201cclose rates.\u201d MTD at 18-19.\n\nThere is no such requirement, and the Seventh Circuit has instead held that the existence and\n\nmagnitude of concealed problems can leak out over multiple disclosures. See Glickenhaus & Co. v.\n\nHousehold Int\u2019l, Inc., 787 F.3d 408, 421-24 (7th Cir. 2015) (upholding leakage theory); Kraft Heinz,\n\n2021 WL 3566602, at *16-*17 (holding \u201closs causation may be pled on a theory of partial\n\ndisclosures\u201d and \u201c\u2018without identifying a corresponding, mirror-image prior representation for every\n\ndisclosure that precedes a share price decline\u2019\u201d).18 Here, the AC pleads that by concealing the\n\n\n18\n Even In re Boeing Co. Aircraft Sec. Litig., cited by Defendants, recognized that \u201ccorrective\ndisclosures need not be \u2018mirror images\u2019 of the [] false statements\u201d and instead merely \u201cmust have\nsomething to do with the circumstances that prior false statements concealed or misrepresented.\u201d\n - 38 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 46 of 49 Document 80\n\fdeclining close rates, Defendants misleadingly portrayed generator sales as being supported by end-\n\ncustomer contracts (rather than just inflating dealer inventory), the truth of which was revealed by\n\ndisclosures concerning the resulting reduced dealer orders, increased cancellations, increasing dealer\n\ninventory, and declining close rates (see \u00b6\u00b6138-189), which is sufficient to plead loss causation. See,\n\ne.g., Vivendi, 838 F.3d at 262 (holding \u201c[w]hether the truth comes out by way of a corrective\n\ndisclosure describing the precise fraud inherent in the alleged misstatements, or through events\n\nconstructively disclosing the fraud, does not alter the basic loss-causation calculus\u201d). At most,\n\nDefendants essentially claim that the connection between close rates and these disclosures \u201cwill turn\n\nout to be too attenuated,\u201d but that is a question \u201cappropriate \u2018at a later stage in litigation\u2019 and after \u2018a\n\nhighly fact intensive inquiry that need not be reached at this point.\u2019\u201d Macovski v. Groupon, Inc., 553\n\nF. Supp. 3d 460, 489 (N.D. Ill. 2021) (denying motion to dismiss).\n\n Second, as to the SnapRS defect, Defendants\u2019 attempt to rely upon a footnote in Boeing\n\n(MTD at 29) fails. There, after the defect caused a prior disclosed plane crash, the court stated that a\n\nsecond plane crash was not a corrective disclosure because the company \u201cnever represented that a\n\nsecond crash could not occur.\u201d Boeing, 2022 WL 3595058, at *3-*4, *29 n.13. Here, by contrast,\n\nDefendants\u2019 statements that the SnapRS was safe and compliant, the Company had robust safety\n\npractices, and providing only hypothetical risk warnings did not previously disclose the 50% failure\n\nrate and associated increased warranties and reputational harm revealed at the end of the Class\n\nPeriod. See \u00b6\u00b6164-188; see also Grae v. Corr. Corp. of Am., 2017 WL 6442145, at *18 (M.D. Tenn.\n\n\n\n\n2022 WL 3595058, at *29, *29 n.13 (N.D. Ill. Aug. 23, 2022). Thus, cases involving disclosures\nunconnected to the concealed facts are distinguishable. See, e.g., MTD at 18-19 (citing such cases,\nincluding Plumbers, Pipefitters & MES Loc. Union No. 392 Pension Fund v. Fairfax Fin. Holdings\nLtd., 886 F. Supp. 2d 328, 338 (S.D.N.Y. 2012), where the court held that a disclosure about an\ninvestigation into reinsurance contracts did not reveal the company\u2019s \u201cgeneral accounting\u201d practices\nforming the basis of the fraud claim.\n\n - 39 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 47 of 49 Document 80\n\fDec. 18, 2017) (holding allegations that losses resulted when a concealed or minimized risk \u201ccame to\n\nfruition\u201d were sufficient to plead loss causation).\n\n Third, Defendants claim that the disclosure of the loss of Pink Energy, which accounted for\n\nmore than 50% of solar sales, did not correct the misstatements regarding the growing solar dealer\n\nbase. MTD at 30. However, as explained above, the dealer statements imposed a duty to disclose\n\nthe dealer concentration, and analysts confirmed that the statements regarding a growing solar dealer\n\nbase concealed the concentration of sales in Pink Energy. See supra \u00a7\u00a7I, III.B.1(c), III.B.2(c); see\n\nalso Corr. Corp., 2017 WL 6442145, at *18; Vivendi, 838 F.3d at 262.\n\n E. Control Person Liability Under \u00a720(a) Is Adequately Pled\n\n Since the Complaint adequately pleads a claim under \u00a710(b) of the Exchange Act, it likewise\n\npleads a control person claim under \u00a720(a). \u00b6\u00b6248-249; cf. MTD at 30.\n\nIV. CONCLUSION\n\n For the foregoing reasons, Defendants\u2019 motion to dismiss should be denied.\n\nDATED: June 18, 2025 ROBBINS GELLER RUDMAN\n & DOWD LLP\n JAMES E. BARZ\n FRANK A. RICHTER\n MICHAEL J. STRAMAGLIA\n\n\n s/ James E. Barz\n JAMES E. BARZ\n\n 200 South Wacker Drive, 31st Floor\n Chicago, IL 60606\n Telephone: 630/696-4107\n jbarz@rgrdlaw.com\n frichter@rgrdlaw.com\n mstramaglia@rgrdlaw.com\n\n\n\n\n - 40 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 48 of 49 Document 80\n\f ROBBINS GELLER RUDMAN\n & DOWD LLP\n DARREN J. ROBBINS\n 655 West Broadway, Suite 1900\n San Diego, CA 92101\n Telephone: 619/231-1058\n 619/231-7423 (fax)\n darrenr@rgrdlaw.com\n\n Lead Counsel for Plaintiffs\n\n ADEMI LLP\n GURI ADEMI\n JESSE FRUCHTER\n JOHN D. BLYTHIN\n 3620 East Layton Avenue\n Cudahy, WI 53110\n Telephone: 414/482-8000\n 414/482-8001 (fax)\n gademi@ademilaw.com\n jfruchter@ademilaw.com\n jblythin@ademilaw.com\n\n ATOLLES LAW, S.C.\n ANDREW T. PHILLIPS\n 222 E Erie Street, Suite 210\n Milwaukee, Wisconsin 53202\n Telephone: 414/644-0391\n 414/278-7590 (fax)\n aphillips@attolles.com\n\n Local Counsel\n\n KLAUSNER, KAUFMAN, JENSEN\n & LEVINSON\n ROBERT D. KLAUSNER\n 7080 NW 4th Street\n Plantation, FL 33317\n Telephone: 954/916-1202\n 954/916-1232 (fax)\n bob@robertdklausner.com\n\n Additional Counsel for Plaintiffs\n\n\n\n\n - 41 -\n4896-9584-1358.v1\n Case 2:22-cv-01436-BHL Filed 06/18/25 Page 49 of 49 Document 80\n\f","ocr_status":1,"date_upload":"2026-06-24T06:27:27.189943-07:00","document_number":"80","attachment_number":null,"pacer_doc_id":"20305803926","is_available":true,"is_free_on_pacer":null,"is_sealed":null,"document_type":1,"description":"Brief in Opposition to Motion","acms_document_guid":""}],"date_created":"2025-06-18T16:22:21.215141-07:00","date_modified":"2026-05-11T22:24:48.486818-07:00","date_filed":"2025-06-18","time_filed":"17:38:45","entry_number":80,"recap_sequence_number":"2025-06-18.001","pacer_sequence_number":279,"description":"BRIEF in Opposition filed by City Pension Fund for Firefighters and Police Officers in the City of Tampa re 73 MOTION to Dismiss the Amended Consolidated Complaint for Violations of the Federal Securities Laws, 76 MOTION for Consideration of Documents Under the Incorporation-by-Reference Doctrine or by Judicial Notice . 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