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HLLY.US
id: 866
Holley Inc. (HLLY) Sales Strategy Case
W.D. Kentucky
Court1:23-cv-00148
Case number07/21/2021
Class period Start02/06/2023
Class period End01/05/2024
Lead Plaintiff motion deadline- Holley is accused of making false statements about its financial strength, merger success, and direct-to-consumer sales, which led to lower sales and profits and damaged relationships with resellers.
- On February 6, 2023, the truth came out, leading to a 30% $HLLY fall the next day.
This lawsuit claimed that Holley told investors that the company was ready to handle an economic downturn because of strong demand from car enthusiasts and successful growth through mergers and acquisitions.
They also said Holley's direct-to-consumer sales would bring in big profits without needing resellers.
But in reality, Holley couldn't merge its acquisitions well, lost out on cost savings, and hurt its relationships with resellers.
These news caused $HLLY fall by 30% and $124.28M loss of market cap, damaging shareholders.
Given all the information, investors have reasons to suspect that Holley misled about its readiness for economic challenges and the benefits of mergers, and also about it sales strategy success.
Case Status
Motion to dismiss
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02/07/2023
Filing date
11/06/2023
Lead Plaintiff Deadline
01/05/2024
Judge
Greg N Stivers