Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, has launched an investigation of Advance Auto Parts, Inc. (“Advance Auto”) (NYSE: AAP) and several officers and directors for possible violations of federal securities laws.
The firm is investigating potential legal claims against the officers and Board of Directors of Advance Auto. If you are an affected Advance Auto shareholder and want to learn more about the investigation, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, or call toll free at (888) 809-2750. There is no cost or fee to you.
The firm seeks to determine if the defendants violated certain provisions of the Securities Exchange Act of 1934. On May 24, 2017, Advance Auto reported financial and operating results for the first fiscal quarter of 2017, including a quarterly sales decrease of 3.0%. Advance Auto also reported a quarterly decrease in gross profit, “primarily driven by investments in the customer, inventory optimization efforts and supply chain expense deleverage due to the comparable store sales decline.” Further, Advance Auto reported that its quarterly comparable store sales had declined 2.7%. Then, on August 15, 2017, Advance Auto reported its financial and operational results for the second quarter of 2017, disclosing to investors that “comparable store sales for the quarter were flat.” Further, and with respect to full-year fiscal 2017 financial and operational guidance, the Company: (i) decreased its comparable store sales guidance from 0–2% growth to 3–1% decline; (ii) decreased its adjusted operating income rate guidance from a 15–35 basis point year-over-year improvement to a 200–300 basis point year-over-year reduction; (iii) decreased its free cash flow guidance by $100 million; and (iv) increased its “integration and transformation” guidance from approximately $30–35 million to approximately $100–150 million. Following each announcement, Advance Auto’s stock price dropped.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.