Advance Auto Parts : Pomerantz Law Firm Investigates Claims On Behalf of Investors of Advance Auto Parts, Inc. - AAP
NEW YORK, NY / ACCESSWIRE / April 11, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Advance Auto Parts, Inc. ("Advance Auto" or the "Company") (NYSE: AAP). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Advance Auto and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 24, 2017, Advance Auto reported financial and operating results for the first fiscal quarter of 2017, including a quarterly sales decrease of 3.0%. Advance Auto also 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." Further, Advance Auto reported that its quarterly comparable store sales had declined 2.7%. Following this news, the Company's share price fell $7.64, or roughly 5.4%, to close at $133.02 on May 24, 2017. Then, on August 15, 2017, Advance Auto 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." Further, and with respect to full-year fiscal 2017 financial and operational guidance, the Company: (i) decreased its comparable store sales guidance from 0-2% growth to 3-1% decline; (ii) decreased its adjusted operating income rate guidance from a 15?35 basis point year-over-year improvement to a 200-300 basis point year-over-year reduction; (iii) decreased its free cash flow guidance by $100 million; and (iv) increased its "integration and transformation" guidance from approximately $30?35 million to approximately $100?150 million.
Following this news, the Company's share price fell an additional $22.24, or over 20.3%, to close at $87.08 on August 15, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP