SHAREHOLDER ALERT: The Law Offices of Vincent Wong Investigate Advance Auto Parts, Inc.(AAP) for Potential Violations of Securities Laws
News provided byThe Law Offices of Vincent Wong
Sep 19, 2023, 1:05 PM ET
NEW YORK, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Attention Advance Auto Parts, Inc. ("Advance Auto Parts") (NYSE: AAP) shareholders:
The Law Offices of Vincent Wong announce that an investigation has commenced into Advance Auto Parts and certain of its officers and directors regarding potential securities fraud. The investigation concerns, in part, the below:
On May 31, 2023, Advance Auto Parts announced its financial results for the first quarter ended April 22, 2023. The Company announced a 42% cut in its full year earnings per share guidance for 2023, with its free cash flow expected to be $200M to $300M, down from “a minimum” of $400M stated previously. Further, the Company declared in order “to enhance financial flexibility” it would decrease its quarterly dividend from $1.50/share to $0.25/share, an 83% drop after paying $1.50/share in each of the previous five quarters. Analysts commenting on the Company’s negative earnings referenced its recent strategy shift in pricing. 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.
If you suffered a loss on your investment in Advance Auto Parts, contact us about potential recovery by using the link below. There is no cost or obligation to you.
Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
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New York, NY 10002
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