Advance Auto Parts Investor Pushes Executive Intent on Appeal

Former Advance Auto Parts Inc. executives manipulated accounting to hide from investors the company’s inability to achieve a key performance metric, a public pension fund said in asking an appellate court to revive its proposed class action.

The district court didn’t holistically assess the alleged level of intent or recklessness when dismissing the securities fraud claims like it should’ve, said the City of Southfield General Employees’ Retirement System’s opening brief filed in the US Court of Appeals for the Fourth Circuit Thursday. Judge James C. Dever III tossed the lawsuit without prejudice in the US District Court for the Eastern ...