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SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Holley Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of January 5, 2024 - (NYSE: HLLY)
News provided byThe Gross Law Firm
Nov 21, 2023, 5:45 AM ET
NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Holley Inc..
Shareholders who purchased shares of HLLY during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD: July 21, 2021 to February 6, 2023
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially 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 levels 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 the Company'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.
DEADLINE: January 5, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/holley-loss-submission-form/?id=56481&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of HLLY during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is January 5, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
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