Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Holley Inc. (“Holley” or the “Company”) (NYSE: HLLY) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Holley investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Holley-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
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, Holley’s stock price fell $4.68, or 36.9%, to close at $7.99 per share on July 29, 2022, thereby injuring investors.
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, Holley’s stock price fell $0.22, or 6.9%, to close at $2.99 per share on November 14, 2022.
Then, 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, Holley’s stock price fell $1.29, or 37.7%, over two consecutive trading days, to close at $2.13 per share on February 8, 2023, thereby injuring investors further.
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Whistleblower Notice: Persons with non-public information regarding Holley should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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