The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Advance Auto Parts, Inc. (NYSE: AAP) who purchased shares between November 14, 2016 and August 15, 2017. The action, which was filed in the United States District Court for the District of Delaware, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) integration issues surrounding the Company’s Carquest acquisition resulted in systemic inefficiencies and cannibalization of sales; (ii) increased competition was negatively impacting sales; and (iii) as a result, Defendantsâ€™ statements about Advanced Auto Parts’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until April 9, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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