Advanced Auto Parts, Inc.
A securities class action has been filed in the USDC – N.D.CA. against Advanced Auto Parts, Inc. (AAP) (“AAP” or the “Company”), on behalf of a class consisting of all persons and entities that purchased or otherwise acquired AAP securities between November 16, 2022 through May 30, 2023, both dates inclusive (the “Class Period”).
AAP is a retailer specializing in automobile parts and accessories, serving both automobile professionals and non-professional consumers.The Company operates stores called “Advanced Auto Parts,” “Autopart International,” “Carquest,” and “Worldpac.” AAP operates over 4,700 stores (across all four brands) in the United States and Canada.
The complaint alleges that 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.
On May 31, 2023, AAP held its quarterly earnings call for 2023 first quarter, The Company 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. Following this news, the Company’s stock price fell by $39.31 per share, from $112.20 per share to $72.89 per share on May 31, 2023.
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