The Law Offices of Frank R. Cruz announces an investigation of Advance Auto Parts, Inc. (“Advance Auto Parts” or the “Company”) (NYSE: AAP) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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