NEW YORK, Sept. 08, 2023 (GLOBE NEWSWIRE) — Levi & Korsinsky notifies investors that it has commenced an investigation of Advance Auto Parts, Inc. (“Advance Auto Parts” or the “Company”) (NYSE: AAP) concerning possible violations of federal securities laws.
On May 31, 2023, Advance Auto Parts announced its financial results for the first quarter ended April 22, 2023. The Company announced a 42% cut in its full year earnings per share guidance for 2023, with its free cash flow expected to be $200M to $300M, down from “a minimum” of $400M stated previously. Further, the Company declared in order “to enhance financial flexibility” it would decrease its quarterly dividend from $1.50/share to $0.25/share, an 83% drop after paying $1.50/share in each of the previous five quarters. Analysts commenting on the Company’s negative earnings referenced its recent strategy shift in pricing.
Following this news, the Company’s stock price fell by $39.31 per share, from $112.20 per share to $72.89 per share on May 31, 2023.
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or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
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jlevi@levikorsinsky.com
Tel: (212) 363-7500
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