Advance Auto Parts : Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Advance Auto Parts, Inc. Investors (AAP)
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Advance Auto Parts, Inc. (“Advance Auto Parts” or the “Company”) (NYSE: AAP) between November 14, 2016 and August 15, 2017, inclusive (the “Class Period”). Advance Auto investors have until April 9, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Advance Auto Parts page on our website at www.glancylaw.com/case/advance-auto-parts-inc. Investors that suffered losses on their Advance Auto Parts investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
The complaint filed in this class action alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) integration issues surrounding the Company's Carquest acquisition resulted in systemic inefficiencies and cannibalization of sales; (ii) increased competition was negatively impacting sales; and (iii) as a result, Defendants' statements about Advanced Auto Parts’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 24, 2017, Advance Auto Parts reported financial and operating results for the first fiscal quarter of 2017, including a quarterly sales decline of 3.0%. Advance Auto also reported a quarterly decline 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.” On this news, the Company’s share price fell $7.64, or approximately 5.4%, to close at $133.02 on May 24, 2017.
Then, on August 15, 2017, Advance Auto Parts reported its financial and operational results for the second quarter of 2017, disclosing to investors that “[c]omparable store sales for the quarter were flat.” On this news, the Company’s share price fell an additional $22.24, or more than 20.3%, to close at $87.08 on August 15, 2017, thereby injuring investors.
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If you purchased shares of Advance Auto during the Class Period you may move the Court no later than April 9, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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