SAN DIEGO, Nov. 11, 2023 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers of Holley Inc. (NYSE: HLLY) securities between July 21, 2021 and February 6, 2023, both dates inclusive (the “Class Period”), have until January 5, 2024 to seek appointment as lead plaintiff of the Holley class action lawsuit. Captioned City of Fort Lauderdale General Employees’ Retirement System v. Holley Inc., No. 23-cv-00148 (W.D. Ky.), the Holley class action lawsuit charges Holley and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Holley class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-holley-inc-f-k-a-empower-ltd-class-action-lawsuit-hlly.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: Holley designs, manufactures, and distributes performance automotive products to customers primarily in the United States, Canada, and Europe.
The Holley class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) 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; (iii) 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; (iv) 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; (v) 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 (vi) Holly 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.
On July 28, 2022, Holley announced preliminary financial results that missed expectations and slashed its full year 2022 outlook. On this news, the price of Holley stock fell more than 47% over two trading sessions.
Then, on November 14, 2022, Holley further announced disappointing financial results for third quarter 2022. On this news, the price of Holley stock fell nearly 7%.
Thereafter, on February 6, 2023, Holley announced that Chief Executive Officer and President Tom Tomlinson was retiring, effective immediately, and also resigning from Holley’s Board of Directors. Also on February 6, 2023, Holley announced its preliminary fourth quarter 2022 and full year 2022 financial results, revealing that fourth quarter 2022 sales fell short of market estimates as well as adjusted EBITDA that new Holley Chief Financial Officer Jesse Weaver called “disappointing.” On this news, the price of Holley stock fell more than 37% over two trading sessions.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Holley securities during the Class Period to seek appointment as lead plaintiff in the Holley class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Holley class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Holley class action lawsuit. An investor’s ability to share in any potential future recovery of the Holley class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
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