San Diego, CA -- (SBWire) -- 09/19/2023 --An investigation was announced over potential breaches of fiduciary duties by certain directors at Advance Auto Parts, Inc.
Investors who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Advance Auto Parts, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
On May 31, 2023, Advance Auto Parts, Inc. announced its results for the first quarter of fiscal year 2023, including a net sales decrease of more than 1.6% compared to the prior year and an operating margin rate of 2.6%, "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." Advance Auto Parts, Inc. also disclosed that it was slashing its full year 2023 guidance, which it had provided just three months earlier, given that it now "expect[s] the competitive dynamics . . . faced in the first quarter to continue." Advance Auto Parts, Inc. further revealed that it was cutting its quarterly dividend by 84% "to provide enhanced financial flexibility."
Shares of Advance Auto Parts, Inc. (NYSE: AAP) declined from $127.31 per share on May 10, 2023, to as low as $56.40 per share on September 13, 2023.
Those who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Advance Auto Parts, Inc. (NYSE:AAP) Shareholder Notice: Investigation over Possible Wrongdoing at Advance Auto Parts, Inc. Announced
An investigation on behalf of investors in Advance Auto Parts, Inc. (NYSE:AAP) shares over potential wrongdoing at Advance Auto Parts, Inc. was announced.