An investigation for current long term stockholders in NYSE:BIG shares over potential breaches of fiduciary duties at Big Lots was announced and current long-term NYSE:BIG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/11/2012 -- An investigation on behalf of current long term investors in Big Lots, Inc. (NYSE:BIG) shares was announced concerning whether certain Big Lots officers and directors breached their fiduciary duty by failing to implement adequate internal controls.
If you are a current long-term stockholder in shares of Big Lots, Inc. (NYSE:BIG), you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Big Lots officers and directors caused damage to the company and its shareholders by failing to implement adequate internal controls. 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.
Several media outlets recently cited a person familiar with the inquiry that U.S. officials have launched a criminal probe of a $10 million sale of stock by Big Lots CEO before the company announced news that caused its shares price to decline.
The company said in a filing with the SEC that On November 29, 2012, Big Lots received a grand jury subpoena from the U.S. Attorney for the Southern District of New York requesting documents relating to the CEO's trades in Big Lots common shares.
Shares of Big Lots declined from as high as almost $46 per share in April 2012 to as low as $26.86 per share.
On Dec. Dec. 4, 2012 Big Lots, Inc. announced that Steven S. Fishman informed the Company of his desire to retire from his role as Chairman, CEO and President.
Shares of Big Lots closed on Dec. 10, 2012, at $28.60 per share, which is significantly below its current 52 week high of $47.22 per share.
Those who are current long-term stockholders in shares of Big Lots, Inc. (NYSE:BIG), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego