Specifically, on May 24, 2017, Advance Auto Parts reported disappointing first quarter fiscal 2017 financial and operational results. The Company 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 Parts reported that its quarterly comparable store sales had declined 2.7%. On this news, Advance Auto Parts' share price fell from $140.66 per share on May 23, 2017 to a closing price of $133.02 on May 24, 2017—a $7.64 or a 5.43% drop.Then, on August 15, 2017, Advance Auto Parts reported disappointing second quarter fiscal 2017 financial and operational results. The Company disclosed, in part, that "[c]omparable store sales for the quarter were flat." On this news, Advance Auto Parts' share price fell from $109.32 per share on August 14, 2017 to a closing price of $87.08 on August 15, 2017—a $22.24 or a 20.34% drop. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Advance Auto Parts' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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