Advance Auto Parts, Inc. (NYSE: AAP)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Advance Auto Parts, Inc. (NYSE: AAP).

On May 31, 2023, the Company disclosed disappointing results for 1Q 2023, including a decrease in operating margin to 2.6% (compared to 6% in the prior-year period), due to “higher than planned investments to narrow competitive price gaps in the professional sales channel as well as unfavorable product mix,” as well as cuts to its full year 2023 guidance, including expected full-year EPS of only $6.00 to $6.50 (compared to previous guidance of $10.20 to $11.20) and a decrease in its quarterly dividend of 83%, from $1.50 quarterly to $0.25.

Thereafter, the Company and certain of its executives have been sued in a securities class action lawsuit charging them with failing to disclose material information in violation of federal securities laws, which remains pending.

KSF’s investigation is focusing on whether Advance Auto’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.  If you have information that would assist KSF in its investigation, or have been a long-term holder of Advance Auto shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.