Advance Auto Parts Securities Fraud Suit Trimmed

Law360 (February 7, 2020, 8:53 PM EST) -- A Delaware federal judge on Friday trimmed a putative class action alleging Advance Auto Parts Inc. inflated sales projections to hide its poor financial condition from shareholders, narrowing the surviving securities fraud claims a Mississippi pension fund could pursue in the case.

U.S. District Judge Richard G. Andrews partially granted and partially denied motions to dismiss from Advance Auto Parts and two executives, as well as from a hedge fund that owns a minority stake in the auto parts retailer. The suit accuses them of projecting increased sales and operating margins for Advance Auto in 2017 when they knew those projections...

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