SAN FRANCISCO, May 11, 2020 /PRNewswire/ -- Schubert
Jonckheer & Kolbe LLP is investigating potential shareholder
derivative claims against certain officers and directors of Advance
Auto Parts, Inc. (NYSE: AAP) for possible breaches of fiduciary
duty related to the company's allegedly false and misleading
statements about its financial performance.
The firm's investigation relates to allegations in a securities
class action pending against the company in the U.S. District Court
for the District of Delaware (Case
No. 1:18-cv-00212-RGA). The securities class action alleges that
certain officers of the company made false and misleading
statements beginning in November
2016, in which they published guidance for the company's
2017 financial performance that they knew was unattainable and
which directly contradicted internal forecasts. On August 15, 2017, the officers finally rescinded
the false guidance and the stock price plummeted, losing more than
20% of its value in a single day.
On February 7, 2020, U.S. District
Judge Richard G. Andrews denied
Advance Auto Parts' motion to dismiss the securities complaint, in
part, finding that the complaint adequately alleged that the
company and its officers violated federal securities laws. Judge
Andrews determined that the complaint stated a claim that some of
the company's projections "lacked a reasonable basis due to an
inadequate methodology."
The Schubert Firm is investigating potential derivative claims
based on harm the company has suffered as a result of possible
breaches of fiduciary duty by the company's officers and directors
concerning their statements about the company's financial
performance. For more information, please visit our website at
http://www.classactionlawyers.com/aap.
If you currently own stock in Advance Auto Parts and wish to
obtain additional information about shareholder derivative claims
and your legal rights, please contact us today.
About Schubert Jonckheer & Kolbe
Schubert
Jonckheer & Kolbe represents shareholders, employees, and
consumers in class actions against corporate defendants, as well as
shareholders in derivative actions against their officers and
directors. The firm is based in San
Francisco, and with the help of co-counsel, litigates cases
nationwide. Attorney advertising. Prior results do not guarantee
similar outcomes.
Contact
Kathryn Y.
McCauley
Schubert Jonckheer & Kolbe
kmccauley@sjk.law
Tel: 415-788-4220
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SOURCE Schubert Jonckheer & Kolbe LLP