{"id":789349,"date":"2023-10-10T12:46:57","date_gmt":"2023-10-10T16:46:57","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-advance-auto-parts-inc-aap\/"},"modified":"2023-10-10T12:46:57","modified_gmt":"2023-10-10T16:46:57","slug":"gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-advance-auto-parts-inc-aap","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-advance-auto-parts-inc-aap\/","title":{"rendered":"Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Advance Auto Parts, Inc. (AAP)"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Oct.  10, 2023  (GLOBE NEWSWIRE) &#8212; Gainey McKenna &amp; Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired Advance Auto Parts, Inc. (\u201cAdvanced Auto Parts\u201d or the \u201cCompany\u201d) (NYSE: AAP) securities between November 16, 2022 and May 30, 2023, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.<\/p>\n<p align=\"justify\">The Complaint alleges that Defendants made false and\/or misleading statements because they: (i) misrepresented the efficacy of Advance Auto Parts\u2019 strategic pricing initiative and the impact of price reductions; (ii) omitted and\/or concealed the negative impacts of the pricing initiative; (iii) provided investors with an overly optimistic perception of Advance Auto Parts\u2019 operations; and (iv) created the false impression that inflation and macroeconomic factors had an insubstantial impact on Advance Auto Parts\u2019 margins.<\/p>\n<p align=\"justify\">The Complaint further alleges that, on May 31, 2023, Advance Auto Parts\u2019 CEO, Thomas R. Greco, disclosed that the Company\u2019s \u201cfinancial results in the first quarter were well below expectations\u201d and that because Advance Auto Parts lowered prices on products, it \u201chad less price realization than plans, which put substantially higher pressure on our product margin rate.\u201d The Complaint also alleges that Advance Auto Parts\u2019 CFO, Jeffrey W. Shepherd, revealed that the Company\u2019s strategic pricing program resulted in Advance Auto Parts being \u201cunable to price to cover product costs in the quarter.\u201d As a result, the Complaint alleges that the Company revised downward its 2023 guidance to an operating margin of 5% to 5.3% from the previously announced 7.8% to 9.2% margins. On this news, the Company\u2019s stock price declined approximately 35%.<\/p>\n<p align=\"justify\">Investors who purchased or otherwise acquired shares of Advanced Auto Parts should contact the Firm<strong><em> prior to the December 8, 2023 <\/em><\/strong>lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.\u00a0 If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna &amp; Egleston at (212) 983-1300, or via e-mail at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gcS6kqn4zT00qapMytdiOTu2QsvGF9oqvA3ULZ1yLMojkb4omxnLiWYhjU11lYw4-Cio6-UQQMrhR4KjBKxZu19l5bmM0rLUHLwf5vGqkjU=\" rel=\"nofollow noopener\" target=\"_blank\"><u>tjmckenna@gme-law.com<\/u><\/a> or <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hBkLBGWP3jOtR9QLoaSFd8QgCf0WO8yWtIfrBmwjtg9uxx7SFNgsq6MMMJR5jIuN5t4UR6O1kYcchDj5rdN5kBdo8VOVssPguhireIHNly8=\" rel=\"nofollow noopener\" target=\"_blank\"><u>gegleston@gme-law.com<\/u><\/a>.<\/p>\n<p align=\"justify\">Please visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4KEkwRSS1oAqwZ_q4nUc7zkYWs7oAIxgfYjK0PZYTOTvJBEgTi3kr7kRHGkFcrGcJPk2KJ7mICA9FvvoJ1t03uyjmmLTojSu2ISXm73zAlI=\" rel=\"nofollow noopener\" target=\"_blank\"><u>http:\/\/www.gme-law.com<\/u><\/a> for more information about the firm.<\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODk0NjY4NSM1ODY1NzM3IzIwMTc3MDQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YjVlMWI1MTEtZGViYS00NDZhLWE0MjctZTQzYjFiMjEzMmRlLTEwMjkyNzQ=\/tiny\/Gainey-McKenna-Egleston.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Oct. 10, 2023 (GLOBE NEWSWIRE) &#8212; Gainey McKenna &amp; Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired Advance Auto Parts, Inc. (\u201cAdvanced Auto Parts\u201d or the \u201cCompany\u201d) (NYSE: AAP) securities between November 16, 2022 and May 30, 2023, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-advance-auto-parts-inc-aap\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Advance Auto Parts, Inc. (AAP)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-789349","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Advance Auto Parts, Inc. (AAP) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-advance-auto-parts-inc-aap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Advance Auto Parts, Inc. (AAP) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Oct. 10, 2023 (GLOBE NEWSWIRE) &#8212; Gainey McKenna &amp; Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired Advance Auto Parts, Inc. (\u201cAdvanced Auto Parts\u201d or the \u201cCompany\u201d) (NYSE: AAP) securities between November 16, 2022 and May 30, 2023, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. &hellip; Continue reading &quot;Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Advance Auto Parts, Inc. 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