This lawsuit is for anyone who acquired securities in Advance Auto Parts, Inc. (NYSE: AAP) from November 16, 2022 through May 30, 2023.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely alert investors that competitive pressures would cause the Company to miss guidance.
On May 31, 2023, Advance Auto Parts released its financial results for the first quarter of fiscal year 2023, revealing a net sales decrease of more than 1.6% compared to the previous year, and an operating margin rate “well below expectations due to higher than planned investments to narrow competitive price gaps in the professional sales channel as well as unfavorable product mix.” The Company also announced that it was lowering its full year 2023 guidance and cutting its quarterly dividend by 84%. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Advance Auto Parts, Inc. (NYSE: AAP) from November 16, 2022 through May 30, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
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hsmith@howardsmithlaw.com