Only if you wire it incorrectly. A proper installation is wired thusly:
1. Wires from meter to main breaker are interrupted, and re-routed to the T/S utility terminals.
2. New wires are run from the T/S load terminals, restoring power under normal conditions.
3. Wires from generator are run to T/S generator terminals.
4. Under normal conditions, power is routed from the utility terminals to the load terminals.
5. Upon power loss, the load terminals are switched from the utility terminals to the generator terminals.
6. The load terminals receive power from either the utility OR the generator.
7. Under no conditions are the utility and generator terminals ever connected to each other.
What "new lugs" on the meter?