NEW YORK,
Nov. 28,
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.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/holley-loss-submission-form/?id=57280&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=57280&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
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SOURCE The Gross Law Firm