NEW YORK, Jan. 5, 2024 /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.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/holley-loss-submission-form/?id=62402&from=4
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=62402&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.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
View original content to download
multimedia:https://www.prnewswire.com/news-releases/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-302026777.html
SOURCE The Gross Law Firm