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SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Advance Auto Parts, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of December 8, 2023 - (NYSE: AAP)
News provided byThe Gross Law Firm
Nov 21, 2023, 5:45 AM ET
NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Advance Auto Parts, Inc..
Shareholders who purchased shares of AAP during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD: November 16, 2022 to May 30, 2023
ALLEGATIONS: The complaint alleges that defendants made false and/or materially misleading statements that: 1) misrepresented the efficacy of AAP's strategic pricing initiative and the impact of price reductions; 2) omitted and/or concealed the negative impacts of the pricing initiative; 3) provided investors with an overly optimistic perception of AAP's operations; and 4) created the false impression that inflation and macroeconomic factors had an insubstantial impact on the Company's margins. On May 31, 2023, AAP held its quarterly earnings call for 2023 first quarter. During that call, President and CEO Thomas R. Greco ("Greco") conceded, "our financial results in the first quarter were well below expectations." Because the Company slashed prices on products, Greco stated "we had less price realization than plans, which put substantially higher pressure on our product margin price." Executive Vice President and Chief Financial Officer, Jeffrey W. Shepherd revealed during the May call that the Company's strategic pricing program resulted in the Company being "unable to price to cover product costs in the quarter." The Company consequently revised downward its 2023 guidance to an operating margin of 5% to 5.3% from the previously announced 7.8% to 9.2% margins. Following this news, the Company's stock price fell by $39.31 per share, from $112.20 per share to $72.89 per share on May 31, 2023.
DEADLINE: December 8, 2023 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/advance-auto-parts-loss-submission-form/?id=56470&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of AAP during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is December 8, 2023. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
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New York, NY, 10018
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
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