Law Offices of Howard G. Smith announces an investigation on behalf of Advance Auto Parts, Inc. (“Advance Auto Parts” or the “Company”) (NYSE: AAP) investors concerning the Company’s possible violations of federal securities laws.
On May 31, 2023, Advance Auto Parts released its financial results for the first quarter of fiscal year 2023, revealing a net sales decrease of more than 1.6% compared to the previous year, and an operating margin rate “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.” The Company also announced that it was lowering its full year 2023 guidance and cutting its quarterly dividend by 84%.
On this news, Advance Auto Parts’ stock price fell $39.31, or 35%, to close at $72.89 per share on May 31, 2023, thereby injuring investors.
If you purchased Advance Auto Parts securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230607005304/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
