An investigation on behalf of investors in Advance Auto Parts, Inc. (NYSE:AAP) shares over potential wrongdoing at Advance Auto Parts, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/19/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain directors at Advance Auto Parts, Inc.
Investors who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Advance Auto Parts, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
On May 31, 2023, Advance Auto Parts, Inc. announced its 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, Inc. 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, Inc. further revealed that it was cutting its quarterly dividend by 84% "to provide enhanced financial flexibility."
Shares of Advance Auto Parts, Inc. (NYSE: AAP) declined from $127.31 per share on May 10, 2023, to as low as $56.40 per share on September 13, 2023.
Those who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP) have certain options and should contact the Shareholders Foundation.
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