Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Advanced Auto Parts, Inc. (“AAP”) (NYSE: AAP) securities between November 15, 2022 and November 20, 2023, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) AAP misrepresented the efficacy of AAP's strategic pricing initiative and the impact of price reductions and omitted and/or concealed the negative impacts of the pricing initiative; (2) subsequently, AAP then provided investors with an overly optimistic perception of AAP's operations; (3) which created the false impression that inflation and macroeconomic factors had an insubstantial impact on the company's margins; and (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On January 23, 2025, the Court granted Defendants’ Motion to Dismiss. On February 21, 2025, Lead Plaintiffs filed a Notice of Appeal to the Fourth Circuit Court of Appeals. The appeal is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.