HLLY - SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Holley Inc. f/k/a Empower Ltd. - (HLLY; HLLY.WT; EMPW; EMPW-WT) | Benzinga
NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Holley Inc. f/k/a Empower Ltd. ("Holley" or the "Company") (NYSE:HLLY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Holley and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 28, 2022, Holley announced its preliminary results for its second quarter ended July 3, 2022 ("2Q22"). Not only did the preliminary results badly miss expectations, but the Company also slashed its full year 2022 outlook. The Company stated that sales for 2Q22 dropped 7% to $179.4 million and that adjusted profits plunged by 31% to $37.2 million. Holley revealed its 2022 sales would drop approximately 8.4% from its previous guidance to a range of $700 million to $725 million, and that adjusted earnings were being slashed 26% from prior guidance to a range of $135 million to $145 million.
On this news, Holley's stock price fell $4.68 per share, or 37%, to close at $7.99 per share on July 29, 2022. Holley's stock ...