Gencor Industries, Inc. (NYSE: GENC)

This investigation is for anyone who acquired securities in Gencor Industries, Inc. (NYSE: GENC) prior to February 11, 2025.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company had in place sufficient financial controls when the Company lacked sufficient controls.

On December 17, 2024, Gencor disclosed that it would be unable to timely file its Annual Report due to an audit of internal control over financial reporting. Additionally, the Company reported that “material weaknesses exist in the Company’s internal control over financial reporting related to (i) information technology general controls, (ii) controls over key third-party service provider System and Organizational reports, (iii) controls over the period-end close process, and (iv) the monitoring of the Company’s internal control framework.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on January 10, 2025, Gencor disclosed that it had received a notice from NYSE Regulation, notifying the Company that it was not in compliance with continued listing standards. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on February 11, 2025, Gencor disclosed that it would be unable to timely file its first quarter 2025 financial results, stating that it “continues to experience the delays” previously disclosed “and requires additional time to complete certain analyses necessary for the completion of the financial statements,” and, as a result, “the delay in the finalizing of the 2024 Audit and the delay in finalizing the 2024 Annual Report have resulted in the corresponding delay in the Company’s ability to prepare and file timely the Q1 10-Q.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Gencor Industries, Inc. (NYSE: GENC) prior to February 11, 2025 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.