A Mississippi retirement system on Friday won a three-way fight to serve as lead plaintiff in a securities class action against Advance Auto Parts Inc. stemming from its $2 billion purchase of General Parts in 2011.
A Delaware federal judge said Friday that the Public Employees’ Retirement System of Mississippi was best positioned to represent a class of investors, who have accused Advance Auto, its chief executive and chief financial officer of failing to disclose that the auto-parts retailer’s acquisition of General Parts and subsidiary Carquest Auto Parts, along with increased competition, was damaging its business.
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