Company: HLI
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001302215-25-000024
Chunk: 47

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-05-15
Form: 10-K
Item: Item 1A
Chunk 47
---
 filings with the SEC; 

•    quarterly variations in our operating results compared to market expectations; 

•    changes in, or failure to meet, earnings estimates or recommendations by research analysts who track our common shares or the stock of other companies in our industry; 

•    adverse publicity about us, the industries we participate in or individual scandals; 

•    announcements of new offerings by us or our competitors; 

•    stock price performance of our competitors; 

•    changes in the evaluations of our Class A common stock by research analysts

•    fluctuations in stock market prices and volumes; 

•    default on our indebtedness; 

•    actions by competitors; 

•    changes in senior management or key personnel; 

•    changes in financial estimates by securities analysts; 

•    our status as a “controlled company”; 

•    negative earnings or other announcements by us or other financial services companies;

•    publication of negative or inaccurate research reports about us or our industry or the failure of securities analysts to provide adequate coverage of the Class A common stock in the future; 

•    downgrades in our credit ratings or the credit ratings of our competitors; 

•    incurrence of indebtedness or issuances of capital stock; 

•    global economic, legal and regulatory factors unrelated to our performance; and 

•    the other factors listed in this “Risk Factors” section.

In addition, stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies in our industry. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were involved in securities litigation, we could incur substantial costs and our resources and the attention of management could be diverted from our business.

21

We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.

Our amended and restated certificate of incorporation authorizes us to issue one or more series of preferred stock. Our board of directors has the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting,