San Diego, CA -- (SBWIRE) -- 05/01/2012 -- An investigation on behalf of investors in NYSE:BIG shares over potential securities laws violations by certain officers and directors at Big Lots, Inc. in connection with certain financial statements was announced.
Investors who purchased shares of Big Lots, Inc. (NYSE:BIG), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Big Lots, Inc. (NYSE:BIG) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements made between February 2, 2012 and April 23, 201about Big Lots’ business, its prospects and its operations were potentially materially false and misleading at the time they were made. The investigation seeks to determine, among other things, whether Big Lots, Inc. knew but failed to adequately disclose that its electronic products business was being negatively affected by shoppers transitioning to online shopping, and whether the Company concealed material information regarding deterioration in its consumables line.
Big Lots, Inc. reported that its Total Revenue rose from $4.64billion for a 52weeks period ending on January 31, 2009 to $5.2billion for a 52weeks period ending on Jan. 28, 2012 and its Net Income rose from $154.80million to $207.24million for the respective time periods.
Shares of Big Lots, Inc. (NYSE:BIG) rose from as low as $13.45 per share in Jan. 2009 to as hiogh as $46.81 on March 27, 2012.
Then on April 23, 2012, after the market closed, Big Lots, Inc. provided an update on its First Quarter Sales Guidance. Big Lots, Inc, among other things, said that it expects U.S. comparable store sales to be slightly negative compared to its prior guidance.
Shares of Big Lots, Inc. (NYSE:BIG) fell from $45.65 per share on April 23, 2012 to a close of $34.71 per share on April 24, 2012.
According to the investigation Big Lots, Inc.has spent $46 million to repurchase 1.3 million shares in the fourth quarter, while certain insiders have sold almost $1,000,000 shares and options over the past year.
NYSE:BIG shares closed on April 30, 0212 at $36.64 per share, significantly down from its current 52weekHigh of $47.22 per share.
Those who purchased shares of Big Lots, Inc. (NYSE:BIG), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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