Cincinnati, Ohio (PRWEB) July 19, 2012
The law firm of Statman, Harris & Eyrich, LLC announces that a securities class action lawsuit has been filed on behalf of shareholders of Big Lots, Inc. (“Big Lots” or the “Company”) common stock during the period February 2, 2012 and April 23, 2012 (the “Class Period”). The complaint, filed by another law firm on July 9, 2012 and pending before the United States District Court for the Southern District of Ohio (Case No. 2:2012-cv-00604) (the “Complaint”), alleges violations of the Securities Exchange Act of 1934 against the Company and certain officers and directors. Big Lots, through its wholly-owned subsidiaries, operates as a broadline closeout retailer in the United States and Canada.
According to court documents, defendants allegedly issued materially false and misleading statements regarding the Company’s business and financial results, and Big Lots’ stock traded at artificially inflated prices during the Class Period, reaching a high of $46.81 per share on March 27, 2012.
The Complaint alleges that defendants concealed (1) Big Lots’ consumables line (consisting of household, beauty and health items), which represented a third of the Company’s business, was deteriorating; and (2) Big Lots’ 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’s margins and prospects. Additionally, the Complaint states that on March 2, 2012, in issuing its guidance for the year, the Company estimated a comparable store sales increase in the range of 2% - 3% for U.S. stores and income from continuing operations projected to be $3.40 - $3.50 diluted earnings per share; however, after the market closed on April 23, 2012, the Company issued a press release announcing updates to its first quarter 2012 retail sales guidance. In that release, the Company forecast a decline in first-quarter same-store sales, slightly negative in comparison to its prior guidance. Subsequent to that news, shares of Big Lots fell $11 per share to close at $34.71 per share on April 24, 2012, a one-day decline of 24%.
Shareholders of Big Lots, Inc. during the Class Period who wish to discuss this action or have questions concerning your rights are encouraged to contact attorney Brian Giles at (513) 345-8181 or at classaction(atstatmanharris(dot)com for further information without any obligation or cost to you. You must move the Court no later than September 7, 2012 if you wish to serve as lead plaintiff. However, you do not need to take any action at this time to be a class member, and you may retain counsel of your choice.
Statman, Harris & Eyrich, LLC, which has significant experience in consumer and securities fraud class actions and derivative litigation, has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. http://www.statmanharris.com Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Statman, Harris & Eyrich, LLC
Brian Giles, Esq.
441 Vine Street, Suite 3700
Cincinnati, Ohio 45202
Phone: (513) 345-8181