Press release

Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Holley Inc., F/K/A Empower Ltd., (HLLY)

NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Western District of Kentucky on behalf of all persons or entities who purchased or otherwise acquired Holley Inc., F/K/A Empower Ltd, ("Holley" or the "Company") (NYSE:HLLY) securities between July 21, 2021 and February 6, 2023, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

The Complaint in the Holley class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) as a result of Holley's alleged 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 allegedly 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 ...

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