NEW YORK, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Holley Inc. f/k/a Empower Ltd. (“Holley” or the “Company”) (NYSE: HLLY) for violations of the federal securities laws on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Barclays securities between July 22, 2019 and October 12, 2023, both dates inclusive (the “Class Period”).
On November 6, 2023, a complaint was filed against the Company and certain of its former and current officers alleging that throughout the Class Period, defendants made 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 significant levels that were 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 Holley’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.
When investors learned the truth, Holley’s common stock declined precipitously, injuring investors.
If you suffered a loss of more than $300,000 in Holley’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before January 5, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
