STEVENSON, Md.--(BUSINESS WIRE)--
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of Advance Auto Parts, Inc. (NYSE: AAP) (“Advance Auto Parts” or the “Company”) securities during the period between November 14, 2016 through August 15, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 9, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Advance Auto Parts securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that integration issues surrounding Advance Auto’s Carquest acquisition resulted in systemic inefficiencies and cannibalization of sales and increased competition was negatively impacting sales.
According to the complaint, following a May 24, 2017 report of disappointing first quarter fiscal 2017 financial and operational results, including a quarterly sales decrease of 3.0% and quarterly decrease in gross profit, and an August 15, 2017 report of disappointing second quarter fiscal 2017 financial and operational results and lowering of its guidance, the value of Advance Auto shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Advance Auto Parts securities purchased on or after November 14, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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