SAN DIEGO, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Advance Auto Parts, Inc. (NYSE: AAP) securities between November 16, 2022 and May 30, 2023, inclusive (the “Class Period”), have until this upcoming Friday, December 8, 2024 to seek appointment as lead plaintiff of the Advance Auto Parts class action lawsuit. Captioned Suarez v. Advance Auto Parts, Inc., No. 23-cv-00563 (E.D.N.C.), the Advance Auto Parts class action lawsuit charges Advance Auto Parts and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Advance Auto Parts class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Advance Auto Parts is a retailer specializing in automobile parts and accessories, serving both automobile professionals and non-professional consumers.
The Advance Auto Parts class action lawsuit alleges that defendants, throughout the Class Period, made false and/or misleading statements because they: (i) misrepresented the efficacy of Advance Auto Parts’ strategic pricing initiative and the impact of price reductions; (ii) omitted and/or concealed the negative impacts of the pricing initiative; (iii) provided investors with an overly optimistic perception of Advance Auto Parts’ operations; and (iv) created the false impression that inflation and macroeconomic factors had an insubstantial impact on Advance Auto Parts’ margins.
The Advance Auto Parts class action lawsuit further alleges that, on May 31, 2023, Advance Auto Parts’ CEO, defendant Thomas R. Greco, disclosed that the company’s “financial results in the first quarter were well below expectations” and that because Advance Auto Parts lowered prices on products, it “had less price realization than plans, which put substantially higher pressure on our product margin rate.” The Advance Auto Parts class action lawsuit also alleges that Advance Auto Parts’ CFO, defendant Jeffrey W. Shepherd, revealed that the company’s strategic pricing program resulted in Advance Auto Parts being “unable to price to cover product costs in the quarter.” As a result, the Advance Auto Parts class action lawsuit alleges that the company revised downward its 2023 guidance to an operating margin of 5% to 5.3% from the previously announced 7.8% to 9.2% margins. On this news, the Advance Auto Parts class action lawsuit alleges that Advance Auto Parts’ stock price declined approximately 35%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Advance Auto Parts securities during the Class Period to seek appointment as lead plaintiff of the Advance Auto Parts class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Advance Auto Parts class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Advance Auto Parts class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Advance Auto Parts class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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