SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Advance Auto Parts, Inc. - AAP
NEW YORK, July 3, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Advance Auto Parts, Inc. ("Advance Auto Parts" or the "Company") (NYSE: AAP). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Advance Auto Parts and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 31, 2023, Advance Auto Parts revealed disappointing results for the first quarter of fiscal year 2023, including a net sales decrease of more than 1.6% compared to the prior year and an operating margin rate of 2.6%, which was "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 further disclosed that it was slashing its full year 2023 guidance, which it had provided just three months earlier, because it now "expect[s] the competitive dynamics . . . faced in the first quarter to continue." Moreover, the Company revealed that it was cutting its quarterly dividend by 84% "to provide enhanced financial flexibility."
On this news, Advance Auto Parts' stock price fell $39.31 per share, or 35.04%, to close at $72.89 per share on May 31, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article