ADVANCE AUTO INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Advance Auto Parts, Inc. - AAP

Published 10 months ago via Business Wire

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 visit us at https://www.ksfcounsel.com/cases/nyse-aap/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.

To learn more about KSF, you may visit ksfcounsel.com.

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