NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed in the United States District Court for the District of Delaware against Advance Auto Parts, Inc. (“Advance Auto Parts” or the “Company”) (NYSE:AAP) on behalf of investors that acquired Advance Auto Parts securities during the period between November 14, 2016 and August 15, 2017, inclusive (the “Class Period”), seeking recovery of damages for alleged violations of the federal securities laws. Pursuant to applicable law, investors have until April 9, 2018, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 15, 2017, Advance Auto Parts released its second quarter results, revealing flat comparable store sales for the quarter and reductions in financial and operational guidance for fiscal year 2017. The Complaint alleges that prior to this release, the Company failed to disclose that a recent acquisition had led to systemic inefficiencies and increased competition which negatively depressed sales.
On this news, shares of Advance Auto Parts fell from $109.32 to close at $87.08 on August 15, 2017 (a total decline of $22.24 per share).
If you purchased or otherwise acquired Advance Auto Parts securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas Elrod of Kirby McInerney LLP at 212-371-6600, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. Additional information about the firm or the claims against Advance Auto Parts can be found at Kirby McInerney’s website: http://www.kmllp.com.