NEW YORK, NY / ACCESSWIRE / October 22, 2023 / If you suffered a loss on your Advance Auto Parts, Inc. (NYSE:AAP) investment and want to learn about a potential recovery under the federal securities laws, follow the link below for more information:
https://zlk.com/pslra-1/advance-auto-parts-lawsuit-submission-form?prid=52620&wire=1
or contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or call (212) 363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: A class action securities lawsuit was filed against Advance Auto Parts, Inc. that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between November 16, 2022 and May 30, 2023.
CASE DETAILS: 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.
WHAT'S NEXT? If you suffered a loss in AAP stock during the relevant time frame - even if you still hold your shares - go to https://zlk.com/pslra-1/advance-auto-parts-lawsuit-submission-form?prid=52620&wire=1 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
SOURCE: Levi & Korsinsky, LLP
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https://www.accesswire.com/795319/investor-alert-levi-korsinsky-notifies-shareholders-of-advance-auto-parts-incaap-of-a-class-action-lawsuit-and-an-upcoming-deadline
