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Advanced Auto Parts: Fraudulent Financial Projections Case Moves Ahead in Delaware Federal Court

In January 2019, Kessler Topaz filed a class action in the United States District Court for the District of Delaware on behalf of a U.S. institutional investor against Advance Auto Parts, Inc. (AAP), its CEO Thomas R. Greco, and its former CFO Thomas Okray.  The complaint alleges that Greco and Okray disregarded internal forecasts of negative sales growth and made materially false and misleading statements regarding AAP’s ability to deliver “positive” sales and operating margin growth in fiscal year 2017.    

On February 7, 2020, U.S. District Judge Richard G. Andrews sustained in large part the investors’ claims.  Discovery is ongoing.

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