Advance Auto Parts, Inc. Class Action Lawsuit - AAP

If you suffered losses in Advance Auto Parts stock, contact Advance Auto Parts stock loss lawyer Timothy L. Miles about an Advance Auto Parts class action lawsuit

Everything You Need to Know about the Advance Auto Parts Class Action Lawsuit

The Advance Auto Parts class action lawsuit seeks to represent purchasers or acquirers of Advance Auto Parts, Inc. (NYSE: AAP) securities between November 16, 2022 and May 30, 2023, inclusive (the “Class Period”). Captioned Suarez v. Advance Auto Parts, Inc., No. 23-cv-00563 (E.D.N.C.), the Advance Auto Parts class action lawsuit charges Advance Auto Parts and certain of its top executive officers with violations of the Securities Exchange Act of 1934 .

If you suffered losses in Advance Auto Parts stock and wish to serve as lead plaintiff in the Advance Auto Parts class action lawsuit, please contact Advance Auto Parts Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the Advance Auto Parts class action lawsuit must be filed with the court no later than December 8, 2023.

Allegations in the Advance Auto Parts Class Action Lawsuit

Advance Auto Parts is a retailer specializing in automobile parts and accessories, serving both automobile professionals and non-professional consumers.

The Advance Auto Parts class action lawsuit alleges that defendants, throughout the Class Period, made false and/or misleading statements because they: (i) misrepresented the efficacy of Advance Auto Parts’ 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’ operations; and (iv) created the false impression that inflation and macroeconomic factors had an insubstantial impact on Advance Auto Parts’ margins.

The Advance Auto Parts class action lawsuit further alleges that, on May 31, 2023, Advance Auto Parts’ CEO, defendant Thomas R. Greco, disclosed that the company’s “financial results in the first quarter were well below expectations” and that because Advance Auto Parts lowered prices on products, it “had less price realization than plans, which put substantially higher pressure on our product margin rate.” The Advance Auto Parts class action lawsuit also alleges that Advance Auto Parts’ CFO, defendant Jeffrey W. Shepherd, revealed that the company’s strategic pricing program resulted in Advance Auto Parts being “unable to price to cover product costs in the quarter.” As a result, the Advance Auto Parts class action lawsuit 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 Advance Auto Parts class action lawsuit alleges that Advance Auto Parts’ stock price declined approximately 35%.

WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE Advance Auto Parts CLASS ACTION LAWSUIT?

When a securities class action is filed such as the Advance Auto Parts class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Advance Auto Parts class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.

WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE Advance Auto Parts CLASS ACTION LAWSUIT?

First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the Advance Auto Parts class action lawsuit and file your own separate lawsuit. Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained in the Advance Auto Parts class action lawsuit.

IF I RECEIVE A SETTLEMENT FROM FINRA CAN I STILL PARTICIPATE IN THE ADVANCE AUTO PARTS CLASS ACTION LAWSUIT?

Yes, the acceptance of restitution or compensation from a FINRA regulatory settlement does not waive your right to monetary or other benefits through the courts, arbitration, or mediation. Therefore, even if you received a settlement from FINRA, you can still participate in the Advance Auto Parts class action lawsuit.

what is the lead plaintiff process in the Advance Auto Parts class action lawsuit?

If you suffered losses in Advance Auto Parts stock, call an Advance Auto Parts Stock Loss Lawyer about an Advance Auto Parts class action lawsuit

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Advance Auto Parts stock to seek appointment as lead plaintiff in the Advance Auto Parts class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Advance Auto Parts stock and have further questions, contact Advance Auto Parts stock loss Lawyer Timothy L. Miles today who will fight to recover your damages in a Advance Auto Parts class action lawsuit if you suffered losses in Advance Auto Parts stock.

Can a Non-U.S. Investor Serve as Lead Plaintiff in the Advance Auto Parts Class action lawsuit if they suffered losses in Advance Auto Parts stock?

Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in Advance Auto Parts stock, they may move the Court to be appointed lead plaintiff in the Advance Auto Parts class action lawsuit.

If I Suffered Losses in Advance Auto Parts Stock, What Are the Benefits of Serving as Lead Plaintiff in the Advance Auto Parts Class Action lawsuit?

Serving as a Lead Plaintiff in the Advance Auto Parts class action lawsuit has several advantages and important benefits including:

A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred it the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
Lead Plaintiff has the benefit involved and active in all negotiations relating to any settlement.
Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation.

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against Advance Auto Parts if you suffered losses in Advance Auto Parts stock.

WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE ADVANCE AUTO PARTS CLASS ACTION LAWSUIT?

A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Advance Auto Parts class action lawsuit. Some of the responsibilities of the Lead Plaintiff in the Advance Auto Parts class action lawsuit include:

Selecting, monitoring, and overseeing Lead Counsel.
Reviewing and commenting on court filings on behalf of the class.
Discussing litigation strategies with the Lead Counsel.
Attending depositions (if necessary) and giving a deposition.
Attending hearings (if necessary).
Participating in mediation and the trial (if necessary).
Provide input on any decision concerning the settlement of the securities class action.

Can I Be Appointed Lead Plaintiff in the Advance Auto Parts Class Action Lawsuit if I Purchased Shares Outside of the Class Period?

No. Even if you suffered losses in Advance Auto Parts stock, if you purchased securities outside of the Class period, you will not be able to participate in the Advance Auto Parts class action lawsuit.

Will the Lead Plaintiffs Get More Money than Class Members if the Advance Auto Parts Class Action Lawsuit?

No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Advance Auto Parts class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Advance Auto Parts class action lawsuit on behalf of investors who suffered losses in Advance Auto Parts stock.

Can I Be Lead Plaintiff in the Advance Auto Parts class action lawsuit if I am Lead Plaintiff in Another Case?

Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Advance Auto Parts stock, you may move to be appointed lead plaintiff in the Advance Auto Parts class action Lawsuit.

Can the Court Appoint More than One Lead Plaintiff in the Advance Auto Parts Class Action Lawsuit?

Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs to oversee the Advance Auto Parts class action lawsuit.

How Was the Class Period Determined in the Advance Auto Parts class action lawsuit?

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.

In order to be a part of the class in the Advance Auto Parts class action lawsuit, you must have suffered losses in Advance Auto Parts stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against Advance Auto Parts.

CAN I SELL MY STOCK AND STILL BE A MEMBER OF THE CLASS IN THE Advance Auto Parts CLASS ACTION LAWSUIT?

Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Advance Auto Parts class action lawsuit.

How Can a Advance Auto Parts Stock Loss Lawyer Help Me if I Suffered Losses in Advance Auto Parts Stock?

stock chart with black background and red and green numbers in foreground

Contact Advance Auto Parts stock loss lawyer Timothy L. Miles about an Advance Auto Parts class action lawsuit

An Advance Auto Parts stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional.

While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct. Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions.

Call an Advance Auto Parts stock loss Lawyer today if you suffered losses in Advance Auto Parts stock about the Advance Auto Parts class action lawsuit who will fight to recover your suffered losses in Advance Auto Parts stock.

How Do I Know if I am a Member of the Class in the Advance Auto Parts Class Action Lawsuit?

If you purchased shares during the class period and suffered losses in Advance Auto Parts stock, then you are most likely a member of the class in the Advance Auto Parts class action lawsuit and may participate in the Advance Auto Parts class action lawsuit since you suffered losses in Advance Auto Parts stock.