NEW YORK, July 13, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Big Lots Inc. ("Big Lots" or the "Company") (NYSE: BIG).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Big Lots' consumable goods businesses, including household, beauty and health items, were deteriorating; and (2) the Company's electronic products business was declining as shoppers were increasingly looking to online deals for larger products.
On March 2, 2012, in its guidance for fiscal year 2012, the Company estimated an increase in sales of 2%-3% for U.S. stores, as well as 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 updating its first quarter 2012 retail sales guidance. The Company forecast a decline in first-quarter same-store sales, which was slightly negative in comparison to its prior guidance. 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.
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If you purchased Big Lots securities between February 2, 2012 and April 23, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/BIG. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org, email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Big Lots' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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