Chronicle Journal: Finance

NYSE: AAP Investor Notice: Lawsuit against Directors of Advance Auto Parts, Inc. announced by Shareholders Foundation

SAN DIEGO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by a current investor in Advance Auto Parts, Inc. (NYSE: AAP) against certain directors in Advance Auto Parts, Inc.

Investors, who purchased shares of Advance Auto Parts, Inc. (NYSE: AAP), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On August 13, 2020, a lawsuit was filed against certain directors of Advance Auto Parts, Inc. over alleged breaches of fiduciary duties. The plaintiff alleges that the company's board and its chief financial officer abused their control by repeatedly issuing rosy guidance and promises of future growth despite awareness of chainwide sales declines.  

The lawsuit follows a lawsuit that was filed in early 2018 against Advance Auto Parts, Inc. over alleged securities laws violations. The plaintiff alleged that the defendants made materially false and/or misleading statements and/or failed to disclose that integration issues surrounding Advance Auto’s Carquest acquisition resulted in systemic inefficiencies and cannibalization of sales, that increased competition was negatively impacting sales, and that as a result, defendants’ statements about Advance Auto’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.  

Those who purchased Advance Auto Parts, Inc. (NYSE: AAP) shares should contact the Shareholders Foundation, Inc. 

CONTACT: 
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108 

ABOUT:
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon. 

 

 

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