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Advance Auto Parts, Inc. (NYSE:AAP) Investor Securities Class Action Lawsuit 02/06/2018

  • If you purchased shares of Advance Auto Parts, Inc. (NYSE:AAP), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Advance Auto Parts, Inc.
Security
NYSE: AAP

Case Name
Advance Auto Parts Shareholder Class Action Lawsuit 02/06/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Delaware

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Summary

February 7, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

April 12, 2019 - A motion to dismiss amended complaint was filed.

January 25, 2019 - An amended complaint was filed.

February 6, 2018 - An investor in shares of Advance Auto Parts, Inc. (NYSE:AAP) filed a lawsuit in the U.S. District Court for the District of Delaware over alleged violations of Federal Securities Laws by Advance Auto Parts, Inc. in connection with certain allegedly false and misleading statements made between November 14, 2016 and August 15, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Advance Auto Parts, Inc. (NYSE:AAP) common shares between November 14, 2016 and August 15, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 14, 2016 and August 15, 2017, the defendants made materially false and/or misleading statements and/or failed to disclose that integration issues surrounding Advance Auto’s Carquest acquisition resulted in systemic inefficiencies and cannibalization of sales, that increased competition was negatively impacting sales, and that as a result, defendants’ statements about Advance Auto’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Roanoke, VA based Advance Auto Parts, Inc. provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. Advance Auto Parts, Inc. reported that its Total Revenue declined from over $9.73 billion for the 52 weeks period that ended on January 2, 2016 to over $9.56 billion for the 52 weeks period that ended on December 31, 2016 and that its Net Income over those time periods declined from $473.40 million to $459.62 million.

On August 15, 2017, Advance Auto Parts, Inc reported its second quarter fiscal 2017 financial and operational results and disclosed that “[c]omparable store sales for the quarter were flat.” Additionally, Advance Auto reduced its financial and operational guidance for fiscal 2017.

Shares of Advance Auto Parts, Inc. (NYSE:AAP) declined from $174.79 per share in January 2017 to as low as $79.38 per share in November 2017.