Please complete this form relating to your transactions in Holley Inc. (NYSE: HLLY) securities between July 21, 2021 and February 6, 2023, both dates inclusive (the “Class Period”).
You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at firstname.lastname@example.org; or you may click here to print a PDF of this form.
Holley investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than January 5, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Holley Inc. (“Holley”) (NYSE: HLLY) securities between July 21, 2021 and February 6, 2023, both dates inclusive (the “Class Period”).
On July 28, 2022, Holley announced disappointing preliminary financial results and slashed its full year 2022 outlook. Following this news, the price of Holley shares declined by $4.68 per share, or approximately 36.94%, from $12.67 per share to close at $7.99 on July 29, 2022.
Then on November 14, 2022, Holley again announced disappointing financial results for third quarter 2022. Following this news, the price of Holley shares declined by $0.22 per share, or approximately 6.85%, from $3.21 per share to close at $2.99 on November 14, 2022.
On February 6, 2023, Holley announced that its CEO and President was retiring, effective immediately, and also resigning from Holley’s Board of Directors. That same day, Holley announced preliminary fourth quarter 2022 and full year 2022 financial results that fell below market estimates. In its financial results, Holley also announced adjusted EBITDA that Holley’s CFO Jesse Weaver called, “disappointing.” Following this news, the price of Holley shares declined by $1.06 per share, or approximately 40%, from $3.42 per share to close at $2.36 on February 7, 2023.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) as a result of Holley’s extensive focus on its direct-to-consumer (“DTC”) channel, Holley’s critically important relationships with its resellers and distributors, whose business made up the vast majority of Holley’s revenue, were suffering significant damage; (2) Holley used discounting and other similar efforts to grow its DTC channel, which undermined the pricing discipline Holley historically had with its resellers and distributors, and further damaged Holley’s relationship with its resellers and distributors; (3) as a result of Holley’s strained relationships with its resellers and distributors, those resellers and distributors were decreasing their purchases of Holley products, returning products already purchased at significant levels that were far above historical norms, and increasing their purchases of competitors’ products; (4) Holley’s growing DTC channel could not offset the negative financial impact of Holley’s increasingly strained relationships with its resellers and distributors and, as a result, Holley’s critical relationship with resellers and distributors was deteriorating; (5) Holley had failed to successfully integrate and capture synergies from its numerous acquisitions, which left Holley with inefficient operations, excess costs, and inventory management problems; and (6) Holley benefited from COVID-related stimulus money that temporarily boosted its sales and performance, and despite this unsustainable, temporary boost, defendants misled investors to believe the growth was sustainable and the result of persistent demand, and supportive of positive financial guidance.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.