NEW YORK, June 16, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, continues investigating whether certain directors and officers of Advance Auto Parts, Inc. (“Advance Auto Parts”) (NYSE: AAP) breached their fiduciary duties to Advance Auto Parts and its shareholders. If you are an Advance Auto Parts shareholder, you are encouraged to contact attorney Joe Pettigrew with Scott+Scott for additional information toll-free at (844) 818-6982 or jpettigrew@scott-scott.com.
Scott+Scott is investigating whether members of Advance Auto Parts’s board of directors made, or allowed Advance Auto Parts to make, false and/or misleading statements and/or failed to disclose that: (i) integration issues surrounding Advance Auto Parts’s Carquest acquisition resulted in systemic inefficiencies and cannibalization of sales; (ii) increased competition was negatively impacting sales; and (iii) as a result, Advance Auto Parts’s statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
On May 24, 2017, Advance Auto Parts reported a quarterly decrease in gross profit, “primarily driven by investments in the customer, inventory optimization efforts and supply chain expense deleverage due to the comparable store sales decline[,]” and a 2.7% decline in quarterly comparable store sales. On this news, Advance Auto Parts’s share price fell from $140.66 per share on May 23, 2017, to $133.02 per share on May 24, a decline of 5%.
On August 15, 2017, Advance Auto Parts disclosed, in part, that “[c]omparable store sales for the quarter were flat.” On this news, Advance Auto Parts’s share price fell from $109.32 per share on August 14, 2017, to $87.08 per share on August 15, a decline of 20%.
What You Can Do
If you are an Advance Auto Parts shareholder, you may have legal claims against Advance Auto Parts’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or jpettigrew@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169
(844) 818-6982
jpettigrew@scott-scott.com
