 | ||
|
| Home Annual/Quarterly Updates About Us
|
Big Lots, Inc. Summary: According to the law firm press release, 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’s 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’s 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’s 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.
On March 05, 2013, the Court Granted the Motion for Appointment of Lead Plaintiff and Approval of Lead Plaintiffs’ Selection of Lead Counsel.
On April 4, 2013, the plaintiffs filed an Amended Complaint for Violations of The Federal Securities Laws against the defendants.
INDUSTRY CLASSIFICATION:
SIC Code: 5331
Sector: Services
Industry: Retail (Specialty)
| COMPANY/ISSUER NAME: | Big Lots, Inc. |
| COMPANY/ISSUER TICKER: | BIG |
| COMPANY WEBSITE: | http://www.biglots.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Alan Willis, et al. v. Big Lots, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint for Violation of the Federal Securities Laws | |||
| Type: Brief | Date on the document: 07/09/2012 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 07/09/2012 | ||
| Order Appointing Lead Plaintiff and Approving Lead and Liaison Counsel | |||
| Type: Order | Date on the document: 03/05/2013 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Alan Willis, et al. v. Big Lots, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Class Action | |||
| Type: Complaint | Date on the document: 04/04/2013 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 04/08/2013 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top