SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Advance Auto Parts, Inc. - AAP

[ACCESSWIRE]

NEW YORK, NY / ACCESSWIRE / October 13, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Advance Auto Parts, Inc. ("AAP" or the "Company") (NYSE:AAP). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.

The investigation concerns whether AAP and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On May 31, 2023, AAP held its quarterly earnings call for 2023 first quarter. During that call, Company President and Chief Executive Officer Thomas R. Greco conceded that AAP's "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 earnings call that the Company's strategic pricing program resulted in the Company being "unable to price to cover product costs in the quarter." AAP 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.

On this news, AAP's stock price fell $39.31 per share, or 35.04%, to close at $72.89 per share on May 31, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.

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SOURCE: Pomerantz LLP