According to the Complaint, Advance Auto is a leading automotive after-market parts provider in North America that serves professional installers, independently-owned operators, and “do-it-yourself” retail customers. The Company’s stores sell, among other things, original equipment manufacturer and private label automotive replacement parts, accessories, batteries, and maintenance items for automotive vehicles.
The Complaint alleges that, throughout the Class Period, Defendants failed to disclose material adverse facts about the Company’s financial well-being, business relationships, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose or indicate 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, Defendants’ statements about Advanced Auto’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 2, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 25, 2019. Defendants filed a Motion to Dismiss the amended Complaint on April 12. On February 7, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs filed a Motion for Class Certification on May 15. On November 6, the Court issued an Order granting Plaintiffs' Motion for Class Certification.