NEW YORK, Aug. 9, 2012 /PRNewswire/ -- Bernstein Liebhard LLP today announced that one month remains – until September 7, 2012 – to file a motion for lead plaintiff in a securities class action against Big Lots, Inc. ("Big Lots" or the "Company"). The action is pending in the United States District Court for the Southern District of Ohio and asserts claims on behalf of a class of purchasers of Big Lots (NYSE: BIG) stock between February 2, 2012 and April 23, 2012 (the "Class Period").
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results in violation of the Securities Exchange Act of 1934. According to the complaint, during the Class Period the defendants knew but concealed from the investing public that: (a) Big Lots' consumables line – 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 seeking online deals for big ticket products, thus adversely affecting the Company's margins and prospects.
On April 23, 2012, 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. On this news, Big Lots stock fell $11 per share to close at $34.71 per share the following day.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Big Lots stock during the Class Period. If you purchased or otherwise acquired Big Lots stock during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than September 7, 2012.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Big Lots shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of Ohio.
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SOURCE Bernstein Liebhard LLP