BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Advance Auto Parts, Inc. (“Advance Auto” or the “Company) (NYSE: AAP) investors concerning the Company and its officers’ possible violations of federal securities laws.
On May 24, 2017, Advance Auto reported financial and operating results for the first fiscal quarter of 2017, including a quarterly sales decline of 3.0%. Advance Auto also reported a quarterly decline in gross profit, ''primarily driven by investments in the customer, inventory optimization efforts and supply chain expense deleverage due to the comparable store sales decline.'' On this news, the Company's share price fell $7.64, or roughly 5.4%, to close at $133.02 on May 24, 2017.
Then, on August 15, 2017, Advance Auto reported its financial and operational results for the second quarter of 2017, disclosing to investors that ''[c]omparable store sales for the quarter were flat.'' On this news, the Company's share price fell an additional $22.24, or over 20.3%, to close at $87.08 on August 15, 2017, thereby injuring investors.
If you purchased Advance Auto 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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