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Case Status:    ONGOING    
On or around 05/27/2016 (Ongoing date of last review)

Filing Date: July 09, 2012

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.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Specialty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BIG
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Ohio
DOCKET #: 12-CV-00604
JUDGE: Hon. Gregory L Frost
DATE FILED: 07/09/2012
CLASS PERIOD START: 02/02/2012
CLASS PERIOD END: 04/23/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chapin Fitzgerald Sullivan & Bottini LLP
    550 West C Street, Suite 2000, Chapin Fitzgerald Sullivan & Bottini LLP, CA 92101
    619-241-4810 ·
  2. Murray Murphy Moul + Basil LLP
    1533 Lake Shore Drive, Murray Murphy Moul + Basil LLP, OH 43204
    614.488.0400 614.488.0401 · murphy@mrnmb.com
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: S.D. Ohio
DOCKET #: 12-CV-00604
JUDGE: Hon. Gregory L Frost
DATE FILED: 04/04/2013
CLASS PERIOD START: 02/02/2012
CLASS PERIOD END: 08/23/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date