PR Newswire
NEW YORK, Nov. 9, 2023
NEW YORK, Nov. 9, 2023 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Advance Auto Parts, Inc. ("AAP" or the "Company") (NYSE: AAP) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of AAP investors who were adversely affected by alleged securities fraud between November 16, 2022 and May 30, 2023. Follow the link below to get more information and be contacted by a member of our team:
https://zlk.com/pslra-1/advance-auto-parts-lawsuit-submission-form?prid=55139&wire=4
AAP investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
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 during the relevant time frame, you have until December 8, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our 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.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
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SOURCE Levi & Korsinsky, LLP
