NEW YORK, May 17, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Dick's Sporting Goods, Inc. ("Dick's" or the "Company") (NYSE: DKS) and certain of its officers, on behalf of shareholders who purchased Dick's securities between March 7, 2017 and May 15, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/dks.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding Dick's, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Dick's had overstated its adjusted EBITDA amounts; (2) accordingly, Dick's lacked effective internal controls; and (3) consequently, Dick's public statements were materially false and misleading at all relevant times.
On May 12, 2017, Dick's filed on Form 8-K/A with the Securities and Exchange Commission and stated that a "computation error resulted in a $23.4 million overstatement of Adjusted EBITDA amounts for both the 13 weeks and 52 weeks ended January 28, 2017." Following this news, Dick's stock dropped $2.62 per share, or 5.22%, to close at $47.57 on May 12, 2017.
On May 16, 2017, Dick's revealed that its sales at its existing stores in the first quarter of 2016 were short of its predictions and counseled shareholders that it planned to scale back new store openings in 2018 and 2019. Following this news, Dick's stock dropped as much as $6.82, or 14.34%, during intraday trading on May 16, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/dicks or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Dick's you have until July 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-notifies-investors-of-class-action-against-dicks-sporting-goods-inc-dks--lead-plaintiff-deadline-july-17-2017-300459549.html
SOURCE Bronstein, Gewirtz & Grossman, LLC