LAWSUITS NEWS & LEGAL INFORMATION
Big Lots Inc, BIG Securities Lawsuit
|Company:||Big Lots Inc,|
|Class Period:||Feb-2-12 to Apr-23-12|
|Lead Plaintiff Deadline:||Sep-7-12|
|Court:||Southern District of Ohio|
The complaint charges Big Lots and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Big Lots, through its wholly owned subsidiaries, operates as a broadline closeout retailer in the United States and Canada.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company' business and financial results. As a result of defendants' false statements, Big Lots stock traded at artificially inflated prices during the Class Period, reaching a high of $46.81 per share on March 27, 2012.
On April 23, 2012, after the market closed, Big Lots issued a press release announcing updates to its first quarter 2012 retail sales guidance. The Company forecast a decline in first-quarter same-store sales, slightly negative in comparison to its prior guidance, which estimated a comparable stores sales increase of 2% to 4%. In particular, the Company' consumables business declined significantly. On this news, Big Lots stock collapsed $11 per share to close at $34.71 per share on April 24, 2012, a one-day decline of 24% on volume of 13.2 million shares.
According to the complaint, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) Big Lots' consumables line (consisting of household, beauty and health items), which represented a third of Big Lots' business, was deteriorating; and (b) the Company' electronic products business was being adversely affected as shoppers were increasingly looking at online deals for these big ticket products, which adversely affected the Company' margins and prospects.
Plaintiff seeks to recover damages on behalf of all purchasers of Big Lots common stock during the Class Period (the "Class").
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Big Lots Inc, BIG Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Big Lots Inc, securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Jul-10-12
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