BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Holley Inc. (“Holley” or the “Company”) (NYSE: HLLY) investors concerning the Company’s possible violations of federal securities laws.
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.
If you purchased Holley securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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