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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Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
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