NEW YORK, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Advance Auto Parts, Inc. (NYSE: AAP)?
- Did you purchase your shares between November 16, 2022 and May 30, 2023, inclusive?
- Did you lose money in your investment in Advance Auto Parts, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Advance Auto Parts, Inc. (“AAP” or the “Company”) (NYSE: AAP) between November 16, 2022 and May 30, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of North Carolina and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired AAP securities, and/or would like to discuss your legal rights and options please visit Advance Auto Parts, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, AAP is a retailer specializing in automobile parts and accessories, serving both automobile professionals and non-professional consumers. The Company operates stores called “Advanced Auto Parts,” “Autopart International,” “Carquest,” and “Worldpac.” AAP operates over 4,700 stores in the United States and Canada.
At the beginning of the Class Period, on November 16, 2022, the Company held its quarterly earnings call for investors. During the earnings call, Defendant Thomas Greco (“Greco”) announced “strategic pricing initiatives” aimed to help propel margins growth into 2023. Specifically, Greco stated “we’ve tested and will make surgical pricing actions in certain categories to enable us to better address changes in competitive pricing dynamics.”
On May 31, 2023, AAP held its quarterly earnings call for 2023 first quarter. During that call, Greco revealed that “our financial results in the first quarter were well below expectations”. Because the Company slashed prices on products, Greco stated that AAP “had less price realization than plan[ned], which put substantially higher pressure on our product margin price.” The Company revised its 2023 operating margin guidance downward to 5% to 5.3% from the previously announced 7.8% to 9.2%.
On this news, AAP’s stock price fell $39.31 per share, or over 35%, to close at $72.89 per share on May 31, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired AAP securities, and/or would like to discuss your legal rights and options please visit Advance Auto Parts, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
