NEW YORK, Sept. 13, 2023 (GLOBE NEWSWIRE) — The Gross Law Firm issues the following notice to shareholders of Advance Auto Parts, Inc.:
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.
Due to the forgoing, The Gross Law Firm is investigating potential securities fraud claims on behalf of certain Advance Auto Parts investors. If you incurred a loss on your AAP investment, please contact us using the link below to discuss your rights.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.
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