Holley, Inc. (NYSE: HLLY)

This lawsuit is for anyone who acquired securities in Holley, Inc. (NYSE: HLLY) from July 21, 2021 through February 6, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that it was efficiently integrating its mergers despite knowing that it was not efficiently integrating its mergers. The Company also misled investors by failing to timely inform investors that the Company’s direct to consumer strategy, which the Company had touted as cutting costs, was also costing the Company sales.

On July 28, 2022, Holley announced its preliminary second quarter 2022 financial results, disclosing that sales had dropped 7% and adjusted profits had fallen by 31%. The Company also revised its full year 2022 outlook, reducing sales expectations by 8.4% and adjusted earnings by 26%. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on August 11, 2022, Holley announced that its CFO had resigned to “pursue another opportunity and for personal reasons.” Then, on November 14, 2022, the Company reported disappointing financial results for the third quarter 2022, with a 3% decline in net sales, a 25.8% decrease in gross profits, and over 50% less in earnings compared to the third quarter 2021. Holley also lowered its guidance for 2022 yet again. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on February 6, 2023, Holley announced that its CEO was retiring, effective immediately. On the same day, the Company released its preliminary fourth quarter and full year 2022 financial results, revealing that fourth quarter sales fell short of market estimates. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Holley, Inc. (NYSE: HLLY) from July 21, 2021 through February 6, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.