San Diego, CA -- (SBWIRE) -- 10/27/2023 -- An investor, who purchased NYSE: AAP shares, filed a lawsuit against Advance Auto Parts, Inc. over alleged violations of Federal Securities Laws.

Investors who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP) have certain options and for certain investors are short and strict deadlines running. Deadline: December 8, 2023. NYSE: AAP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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 $47.73 per share on October 25, 2023.

The plaintiff claims that between November 16, 2022 and May 30, 2023, the 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.

Those who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.