“Best Buy employees and former employees who invested in company stock under the Plan should continue to be very concerned that they have invested imprudently," according to Jake Zamansky.
New York, New York (PRWEB) February 22, 2013
Zamansky & Associates LLC announces that it has commenced an investigation of Best Buy Co., Inc. (“Best Buy” or the “Company”) over its Employee Savings Plan. According to the Plan’s 2011 Annual Report filed on June 28, 2012 with the S.E.C. on Form 11-K, Best Buy employees had over $127 million invested in the Company’s stock.
The investigation concerns whether there were violations of the Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties on companies to prudently manage and invest plan assets including offerings of company stock.
Since 2010, according to its stock chart on Yahoo Finance, Best Buy’s stock price has fallen from over $45 per share to under $20 per share. Best Buy has been the subject of a class action lawsuit, Local 98 Pension Fund et al v. Best Buy Co., Inc., Docket No. 11-CV-00429, which alleges fraud in its financial reporting by the Company’s officers and directors. On June 27, 2011, Yahoo Finance reported that Fitch cut Best Buy’s long-term credit rating rating from “BBB+” to “BBB-.”
According to Jake Zamansky, “Best Buy employees and former employees who invested in company stock under the Plan should continue to be very concerned that they have invested imprudently.” Zamansky believes that the Plan fiduciaries should have halted purchased in Best Buy stock or withdrawn it as an investment option under the Plan.
What Former or Current Best Buy Employees Can Do
If you are a Best Buy employee or former employee and would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates, LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and ERISA class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about our firm, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414