Robbins Geller Rudman & Dowd LLP has launched an investigation into potential violations of U.S. federal securities laws involving Advance Auto Parts, Inc. (NYSE: AAP) focused on whether Advance Auto Parts and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in this investigation or if you are an Advance Auto Parts investor who suffered a loss and would like to learn more, you can provide your information here:
THE COMPANY: Advance Auto Parts is a leading automotive aftermarket parts provider in North America.
THE REVELATION: 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%, “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.” Advance Auto Parts also disclosed that it was slashing its full year 2023 guidance, which it had provided just three months earlier, given that it now “expect[s] the competitive dynamics . . . faced in the first quarter to continue.” Advance Auto Parts further revealed that it was cutting its quarterly dividend by 84% “to provide enhanced financial flexibility.” Following this news, the price of Advance Auto Parts stock declined approximately 35%.
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