NEW
YORK, Oct. 31, 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.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/advance-auto-parts-loss-submission-form/?id=53552&from=4
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=53552&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.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm