Advance Auto Parts Class Action Lawsuit: Everything You Need to Know

If you suffered losses in Advance Auto Parts stock, contact Advance Auto Parts stock loss lawyer Timothy L. Miles

Introduction

The Advance Auto Parts class action lawsuit has been filed on behalf of purchasers or acquirers of Advance Auto Parts, Inc. (NYSE: AAP) securities between November 16, 2022, and May 30, 2023 (referred to as the "Class Period"). The lawsuit, titled "Suarez v. Advance Auto Parts, Inc.", alleges violations of the Securities Exchange Act of 1934 by Advance Auto Parts and certain executive officers.

In this comprehensive guide, we will explore the key aspects of the Advance Auto Parts class action lawsuit, including the allegations, the lead plaintiff process, benefits of serving as a lead plaintiff, eligibility for non-U.S. investors, the calculation of damages, and more.

Allegations in the Advance Auto Parts Class Action Lawsuit

Advance Auto Parts is a well-known retailer specializing in automobile parts and accessories. The class action lawsuit alleges that throughout the Class Period, the defendants made false and/or misleading statements, which include:

1. Misrepresentation of the efficacy of Advance Auto Parts' strategic pricing initiative and the impact of price reductions.
2. Omission and/or concealment of the negative impacts of the pricing initiative.
3. Providing investors with an overly optimistic perception of Advance Auto Parts' operations.
4. Creating the false impression that inflation and macroeconomic factors had an insubstantial impact on Advance Auto Parts' margins.

Becoming a Lead Plaintiff in the Advance Auto Parts Class Action Lawsuit

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

Being appointed as lead plaintiff allows an individual or entity to act on behalf of all other class members in directing the Advance Auto Parts class action lawsuit. Lead plaintiffs also have the opportunity to negotiate more competitive attorney fees, reduce litigation costs, and actively monitor the progress of the case. It is important to note that serving as lead plaintiff does not involve any financial risk, as the lead counsel advances all costs and expenses incurred in the prosecution of the case.

Eligibility for Non-U.S. Investors

Non-U.S. investors can also serve as lead plaintiffs in the Advance Auto Parts class action lawsuit. U.S. courts have consistently recognized that non-U.S. investors, with substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiff status as U.S. investors. Therefore, if a non-U.S. investor suffered losses in Advance Auto Parts stock during the Class Period, they can move to be appointed lead plaintiff in the class action lawsuit against Advance Auto Parts​.​

Benefits of Serving as Lead Plaintiff

​Serving as lead plaintiff in the Advance Auto Parts class action lawsuit offers several advantages and benefits, including:

1. The ability to negotiate more competitive attorney fees and reduce other litigation costs.
2. Active involvement in managing the litigation by overseeing the progress and efforts of counsel.
3. Reviewing and commenting on important filings and documents pertaining to the case.
4. Being involved and active in all negotiations relating to any settlement.
5. Enjoying long-term benefits from governance reform resulting from the litigation.

Lead Plaintiff Deadline and Settlement Process

The lead plaintiff deadline for the Advance Auto Parts class action lawsuit is December 8, 2023. If you suffered losses in Advance Auto Parts stock and wish to participate as a lead plaintiff, it is crucial to file a motion with the court before the deadline.

In the event of a settlement in the class action lawsuit, participating class members will receive a court-ordered Notice through the mail. The Notice will provide instructions on how to file a claim, including any necessary documentation to prove your purchase of Advance Auto Parts stock during the Class Period and the resulting losses.

The court will hold a final hearing to decide whether to approve the settlement. If approved, settlement payments will be mailed to participating class members within a few months. However, objections or appeals can prolong the settlement process.

Calculation of Damages

In a securities fraud class action lawsuit, the plaintiff's damages are typically calculated as out-of-pocket losses. These losses represent the difference between the price at which the stock was sold and the price at which the stock would have been sold without any artificial inflation caused by the defendant's alleged misrepresentations or omissions.

It is important to consult with a qualified attorney to evaluate the specific circumstances of your losses in Advance Auto Parts stock and determine the potential damages you may be entitled to in the class action lawsuit.

Conclusion

The Advance Auto Parts class action lawsuit represents an opportunity for investors who suffered losses in Advance Auto Parts stock during the Class Period to seek potential recovery. By understanding the allegations, the lead plaintiff process, the benefits of serving as lead plaintiff, and the calculation of damages, affected investors can make informed decisions regarding their involvement in the class action lawsuit.

It is advisable to consult with a qualified attorney in securities litigation to navigate the complexities of the case and determine the best course of action based on your specific circumstances.

CONTACT AN ADVANCE AUTO PARTS STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN ADVANCE AUTO PARTS STOCK ABOUT A ADVANCE AUTO PARTS CLASS ACTION LAWSUIT

​If you suffered losses in Advance Auto Parts stock, contact Advance Auto Parts stock loss lawyer Timothy L. Miles today for a free case evaluation about an Advance Auto Parts class action lawsuit. Call today and see what an Advance Auto Parts stock loss lawyer could do for you if you suffered losses in Advance Auto Parts stock.

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Advance Auto Parts stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.