NEW
YORK, Nov. 14, 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=55617&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=55617&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 Gross Law Firm